Common use of Extension of Maturity Date Clause in Contracts

Extension of Maturity Date. (a) On any anniversary of the Closing Date prior to the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to extend the Existing Maturity Date with respect to its Commitment. Any Lender which shall not timely notify the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extension.

Appears in 17 contracts

Samples: Revolving Credit Agreement (Dominion Energy, Inc), Revolving Credit Agreement (Dominion Energy South Carolina, Inc.), Revolving Credit Agreement (Virginia Electric & Power Co)

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Extension of Maturity Date. (a) On any anniversary The Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the Closing Maturity Date prior of any class of Loans and Commitments to the Maturity Dateextended maturity date specified in such notice. Such notice shall (i) set forth the amount of the applicable class of Loans and Commitments that will be subject to the Extension (which shall be in minimum increments of $100,000,000 and a minimum amount of $500,000,000), (ii) set forth the Borrowers may request date on which such Extension is requested to extend become effective (which shall be not less than ten (10) Business Days nor more than sixty (60) days after the then-date of such Extension notice (or such longer or shorter periods as the Administrative Agent shall agree in its sole discretion)) and (iii) identify the relevant class of Commitments to which such Extension relates. Each Lender of the applicable Maturity Date (the “Existing Maturity Date”) for an additional one-year period class shall be offered (an “Extension PeriodOffer”) an opportunity to participate in such Extension on a pro rata basis and on the date that is one year after same terms and conditions as each other Lender of such class pursuant to procedures established by, or reasonably acceptable to, the Existing Maturity Date Administrative Agent and the Borrower. Each Lender shall make a determination (the “Requested Maturity Date”); provided that the Borrowers may in its sole and absolute discretion) as to whether or not it will agree to extend the Maturity Date for as requested; provided, however, that failure by any Lender to make a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) timely response to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents Borrower’s request for an Extension shall be true deemed to constitute a refusal by such Lender to extend the Maturity Date. If the aggregate principal amount of Loans and correct Commitments in all material respects on and as respect of the date of such notice and as of the commencement date of which Lenders shall have accepted the relevant Extension Period Offer shall exceed the maximum aggregate principal amount of Commitments subject to the Extension Offer as if made on and as set forth in the Extension notice, then the Commitments of each date (or, if any Lenders of the applicable class shall be extended ratably up to such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing maximum amount based on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to extend the Existing Maturity Date respective principal amounts with respect to its Commitment. Any Lender which shall not timely notify the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date shall be deemed not to such Lenders have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all accepted such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionExtension Offer.

Appears in 7 contracts

Samples: Credit Agreement (Lowes Companies Inc), Credit Agreement (Lowes Companies Inc), Credit Agreement (Lowes Companies Inc)

Extension of Maturity Date. (a) On any anniversary The Borrower may, by delivery of a Maturity Date Extension Request to the Administrative Agent (which shall promptly deliver a copy thereof to each of the Closing Date Lenders) not less than 45 days prior to the Maturity Date, the Borrowers may request to extend the then-applicable then existing Maturity Date with respect to all or part of their respective Commitments (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided , request that the Borrowers may Lenders extend the Maturity Date in accordance with this Section 2.21. Each Maturity Date Extension Request shall (i) specify the date to which the Maturity Date is sought to be extended, (ii) specify the changes, if any, to the Applicable Rate to be applied in determining the interest payable on Loans of, and fees payable hereunder to, Consenting Lenders in respect of that portion of their Commitments (and related Loans) extended to such new Maturity Date and the time as of which such changes will become effective (which may be prior to the Existing Maturity Date), and (iii) specify any other amendments or modifications to this Agreement to be effected in connection with such Maturity Date Extension Request, provided that no such changes or modifications requiring approvals pursuant to Section 9.02(b) other than that of the Required Lenders shall become effective unless such other approvals have been obtained. In the event a Maturity Date Extension Request shall have been delivered by the Borrower, each Lender shall have the right to agree to the extension of the Maturity Date and other matters contemplated thereby on the terms and subject to the conditions set forth therein (each Lender agreeing to the Maturity Date Extension Request being referred to herein as a “Consenting Lender” and each Lender not agreeing thereto being referred to herein as a “Declining Lender”), which right may be exercised by written notice thereof, specifying the maximum amount of the Commitment of such Lender with respect to which such Lender agrees to the extension of the Maturity Date, delivered to the Borrower (with a copy to the Administrative Agent) not later than a day to be agreed upon by the Borrower and the Administrative Agent following the date on which the Maturity Date Extension Request shall have been delivered by the Borrower (it being understood that any Lender that shall have failed to exercise such right as set forth above shall be deemed to be a Declining Lender). If a Lender elects to extend only a portion of its then existing Commitment, it will be deemed for purposes hereof to be a maximum two Consenting Lender in respect of such extended portion and a Declining Lender in respect of the remaining portion of its Commitment. If Lenders constituting the Required Lenders shall have agreed to such Maturity Date Extension Request in respect of Commitments constituting a majority of the aggregate Commitments, then, subject to paragraph (2d) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially of this Section, on the date specified in the form attached hereto Maturity Date Extension Request as Exhibit 2.8(a) the effective date thereof (the “Extension of Maturity Date RequestEffective Date) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date), so long as (i) each of the representations and warranties contained in Section 7 and in Maturity Date shall, as to the other Credit Documents Consenting Lenders, be extended to such date as shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (orspecified therein, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred the terms and be continuing on the date of such notice and as conditions of the commencement date Commitments and Loans of the relevant Extension Period. Each LenderConsenting Lenders (including interest and fees (including Letter of Credit fees) payable in respect thereof), acting shall be modified as set forth in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to extend the Existing Maturity Date with respect to its Commitment. Any Lender which shall not timely notify Extension Request and (iii) such other modifications and amendments hereto specified in the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date Extension Request shall be deemed not (subject to have elected to extend any required approvals other than those of the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionRequired Lenders having been obtained) become effective.

Appears in 7 contracts

Samples: Credit Agreement (Blackstone Inc.), Credit Agreement (Blackstone Group Inc), Credit Agreement (Blackstone Group L.P.)

Extension of Maturity Date. (a) On any anniversary The Borrower may, by delivery of a Maturity Date Extension Request to the Administrative Agent (which shall promptly deliver a copy thereof to each of the Closing Date Lenders) not less than 30 days prior to the Maturity Date, the Borrowers may request to extend the then-applicable existing Maturity Date for the applicable Class of Commitments and/or Loans hereunder to be extended (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided , request that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to Lenders extend the Existing Maturity Date in accordance with this Section. Each Maturity Date Extension Request shall (i) specify the applicable Class of Commitments and/or Loans hereunder to be extended, (ii) specify the date to which the applicable Maturity Date is sought to be extended, (iii) specify the changes, if any, to the Applicable Rate to be applied in determining the interest payable on the Loans of, and fees payable hereunder to, Consenting Lenders (as defined below) in respect of that portion of their Commitments and/or Loans extended to such new Maturity Date and the time as of which such changes will become effective (which may be prior to the Existing Maturity Date) and (iv) specify any other amendments or modifications to this Agreement to be effected in connection with such Maturity Date Extension Request; provided that no such changes or modifications requiring approvals pursuant to the provisos to Section 9.02(b) shall become effective prior to the Existing Maturity Date unless such other approvals have been obtained. In the event a Maturity Date Extension Request shall have been delivered by the Borrower, each Lender shall have the right to agree to the extension of the Existing Maturity Date and other matters contemplated thereby on the terms and subject to the conditions set forth therein (each Lender agreeing to the Maturity Date Extension Request being referred to herein as a “Consenting Lender” and each Lender not agreeing thereto being referred to herein as a “Declining Lender”), which right may be exercised by written notice thereof, specifying the maximum amount of the Commitment and/or Loans of such Lender with respect to its Commitment. Any which such Lender which shall agrees to the extension of the Maturity Date, delivered to the Borrower (with a copy to the Administrative Agent) not timely notify later than a day to be agreed upon by the Borrowers Borrower and the Administrative Agent following the date on which the Maturity Date Extension Request shall have been delivered by the Borrower (it being understood and agreed that any Lender that shall have failed to exercise such right as set forth above shall be deemed to be a Declining Lender). If a Lender elects to extend only a portion of its election then existing Commitment and/or Loans, it will be deemed for purposes hereof to extend be a Consenting Lender in respect of such extended portion and a Declining Lender in respect of the remaining portion of its Commitment and/or Loans, and the aggregate principal amount of each Type and currency of Loans of the applicable Class of such Lender shall be allocated ratably among the extended and non-extended portions of the Loans of such Lender based on the aggregate principal amount of such Loans so extended and not extended. If Consenting Lenders shall have agreed to such Maturity Date Extension Request in respect of Commitments and/or Loans held by them, then, subject to paragraph (d) of this Section, on the date specified in the Maturity Date Extension Request as the effective date thereof (the “Extension Effective Date”), (i) the Existing Maturity Date of the applicable Commitments and/or Loans shall, as to the Consenting Lenders, be extended to such date as shall be deemed not to have elected to extend specified therein, (ii) the Existing terms and conditions of the applicable Commitments and/or Loans of the Consenting Lenders (including interest and fees (including Letter of Credit fees) payable in respect thereof) shall be modified as set forth in the Maturity Date with respect Extension Request and (iii) such other modifications and amendments hereto specified in the Maturity Date Extension Request shall (subject to its Commitment any required approvals (any Lender who timely notifies including those of the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Required Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extension) having been obtained) become effective.

Appears in 5 contracts

Samples: Credit Agreement (Vectrus, Inc.), Credit Agreement (Vectrus, Inc.), Credit Agreement (Vectrus, Inc.)

Extension of Maturity Date. (a) On any anniversary The Borrower may, by delivery of a Maturity Date Extension Request to the Administrative Agent (which shall promptly deliver a copy thereof to each of the Closing Date Lenders) not less than ten days (or such shorter period as agreed to by the Administrative Agent) prior to the Maturity Date, the Borrowers may request to extend the then-applicable then existing Maturity Date for the applicable Class of Commitments and/or Loans hereunder to be extended (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided , request that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to Lenders extend the Existing Maturity Date in accordance with this Section. Each Maturity Date Extension Request shall (i) specify the applicable Class of Commitments and/or Loans hereunder to be extended, (ii) specify the date to which the applicable Maturity Date is sought to be extended, (iii) specify the changes, if any, to the Applicable Rate to be applied in determining the interest payable on the Loans of, and fees payable hereunder to, Consenting Lenders (as defined below) in respect of that portion of their Commitments and/or Loans extended to such new Maturity Date and the time as of which such changes will become effective (which may be prior to the Existing Maturity Date) and (iv) specify any other amendments or modifications to this Agreement to be effected in connection with such Maturity Date Extension Request; provided that no such changes or modifications requiring approvals pursuant to the provisos to Section 9.02(b) shall become effective prior to the Latest Maturity Date unless such other approvals have been obtained. In the event a Maturity Date Extension Request shall have been delivered by the Borrower, each applicable Lender shall have the right, but not the obligation, to agree to the extension of the Existing Maturity Date and other matters contemplated thereby on the terms and subject to the conditions set forth therein (each Lender agreeing to the Maturity Date Extension Request being referred to herein as a “Consenting Lender” and each Lender not agreeing thereto being referred to herein as a “Declining Lender”), which right may be exercised by written notice thereof, specifying the maximum amount of the Commitment and/or Loans of such Lender with respect to its Commitment. Any which such Lender which shall agrees to the extension of the Maturity Date, delivered to the Borrower (with a copy to the Administrative Agent) not timely notify later than a day to be agreed upon by the Borrowers Borrower and the Administrative Agent following the date on which the Maturity Date Extension Request shall have been delivered by the Borrower (it being understood and agreed that any Lender that shall have failed to exercise such right as set forth above shall be deemed to be a Declining Lender). If a Lender elects to extend only a portion of its election then existing Commitment and/or Loans, it will be deemed for purposes hereof to extend be a Consenting Lender in respect of such extended portion and a Declining Lender in respect of the remaining portion of its Commitment and/or Loans, and the aggregate principal amount of each Type of Loans of the applicable Class of such Lender shall be allocated ratably among the extended and non-extended portions of the Loans of such Lender based on the aggregate principal amount of such Loans so extended and not extended. If Consenting Lenders shall have agreed to such Maturity Date Extension Request in respect of Commitments and/or Loans held by them, then, subject to paragraph (d) of this Section, on the date specified in the Maturity Date Extension Request as the effective date thereof (the “Extension Effective Date”), (i) the Existing Maturity Date of the applicable Commitments and/or Loans shall, as to the Consenting Lenders, be extended to such date as shall be deemed not to have elected to extend specified therein, (ii) the Existing terms and conditions of the applicable Commitments and/or Loans of the Consenting Lenders (including interest and fees (including Letter of Credit fees) payable in respect thereof) shall be modified as set forth in the Maturity Date with respect Extension Request and (iii) such other modifications and amendments hereto specified in the Maturity Date Extension Request shall (subject to its Commitment any required approvals (any Lender who timely notifies including those of the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Required Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extension) having been obtained) become effective.

Appears in 5 contracts

Samples: Credit Agreement (YETI Holdings, Inc.), Credit Agreement (YETI Holdings, Inc.), Credit Agreement (YETI Holdings, Inc.)

Extension of Maturity Date. (ai) On any anniversary The Borrower may, upon notice to the Administrative Agent (which shall promptly notify the applicable Class of Lenders or Additional Lenders, as applicable), request one or more extensions of the Closing Date prior maturity date applicable to the Maturity DateRevolving Commitments or Other Revolving Commitments, the Borrowers may request maturity date applicable to extend any Class of Term Loans or Other Term Loans, or the then-maturity date applicable Maturity Date to any Incremental Loans, as applicable, then in effect (such existing maturity date applicable to any Revolving Commitments or Other Revolving Commitments being the “Existing Revolving Maturity Date”, such existing maturity date applicable to any Class of Term Loans or Other Term Loans being the “Existing Term Loan Maturity Date” and such existing maturity date applicable to any Incremental Loans being the “Existing Incremental Loan Maturity Date”) for an additional one-year period (an “Extension Period”) to the a date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) specified in such Extension Periodsnotice. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension Within 15 Business Days of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date delivery of such notice and (or such other period as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers Borrower and the Administrative Agent in writing of its election to extend shall mutually agree upon), each applicable Revolving Lender, Term Lender or not to extend Additional Lender, as the Existing Maturity Date with respect to its Commitment. Any Lender which case may be, shall not timely notify the Borrowers and the Administrative Agent of its election whether it consents to extend such extension (which consent may be given or withheld in such Revolving Lender’s, Term Lender’s or Additional Lender’s, as applicable, sole and absolute discretion). Any Revolving Lender, Term Lender or Additional Lender, as applicable, not responding within the Existing Maturity Date above time period shall be deemed not to have elected consented to extend such extension. The Administrative Agent shall promptly notify the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers Borrower and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such applicable Revolving Lenders, collectivelyTerm Lenders and/or the Additional Lenders of such Revolving Lenders’, Term Lenders’ or the “Terminating Additional Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extension’ responses, as applicable.

Appears in 5 contracts

Samples: Joinder Agreement (Windstream Holdings, Inc.), Security Agreement (Windstream Services, LLC), Credit Agreement (Windstream Corp)

Extension of Maturity Date. (a) On any anniversary The Borrower may, by delivery of a Maturity Date Extension Request to the Administrative Agent (who shall promptly deliver a copy thereof to each of the Closing Date Lenders of the applicable Class) not less than thirty (30) days prior to the Maturity Date, the Borrowers may request to extend the then-applicable then existing Maturity Date for the applicable Class of Commitments and/or Loans hereunder to be extended (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided , request that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date Lenders of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to Class extend the Existing Maturity Date in accordance with this Section. Each Maturity Date Extension Request shall (i) specify the applicable Class of Commitments and/or Loans hereunder to be extended, (ii) specify the date to which the applicable Maturity Date is sought to be extended, (iii) specify the changes, if any, to the Applicable Rate to be applied in determining the interest payable on the Loans of, and fees payable hereunder to, Consenting Lenders (as defined below) in respect of that portion of their Commitments and/or Loans extended to such new Maturity Date and the time as of which such changes will become effective (which may be prior to the Existing Maturity Date) and (iv) specify any other amendments or modifications to this Agreement to be effected in connection with such Maturity Date Extension Request; provided that no such changes or modifications requiring approvals pursuant to the provisos to Section 9.02(b) shall become effective prior to the then Existing Maturity Date unless such other approvals have been obtained. In the event that a Maturity Date Extension Request shall have been delivered by the Borrower, each applicable Lender shall have the right to agree to the extension of the Existing Maturity Date and other matters contemplated thereby on the terms and subject to the conditions set forth therein (each Lender of the applicable Class agreeing to the Maturity Date Extension Request being referred to herein as a “Consenting Lender” and, each Lender of the applicable Class not agreeing thereto being referred to herein as a “Declining Lender”), which right may be exercised by written notice thereof, specifying the maximum amount of the Commitment and/or Loans of such Lender with respect to its Commitment. Any which such Lender which shall agrees to the extension of the Maturity Date, delivered to the Borrower (with a copy to the Administrative Agent) not timely notify later than a day to be agreed upon by the Borrowers Borrower and the Administrative Agent following the date on which the Maturity Date Extension Request shall have been delivered by the Borrower (it being understood and agreed that any Lender that shall have failed to exercise such right as set forth above shall be deemed to be a Declining Lender). If a Lender elects to extend only a portion of its election then existing Commitment and/or Loans, it will be deemed for purposes hereof to extend be a Consenting Lender in respect of such extended portion and a Declining Lender in respect of the remaining portion of its Commitment and/or Loans, and the aggregate principal amount of each Type of Loans of the applicable Class of such Lender shall be allocated ratably among the extended and non-extended portions of the Loans of such Lender based on the aggregate principal amount of such Loans so extended and not extended. If Consenting Lenders shall have agreed to such Maturity Date Extension Request in respect of Commitments and/or Loans held by them, then, subject to paragraph (c) of this Section, on the date specified in the Maturity Date Extension Request as the effective date thereof, (i) the Existing Maturity Date of the applicable Commitments and/or Loans shall, as to the Consenting Lenders, be extended to such date as shall be deemed not to have elected to extend specified therein, (ii) the Existing terms and conditions of the applicable Commitments and/or Loans of the Consenting Lenders (including interest and fees (including Letter of Credit fees) payable in respect thereof) shall be modified as set forth in the Maturity Date with respect Extension Request and (iii) such other modifications and amendments hereto specified in the Maturity Date Extension Request shall (subject to its Commitment any required approvals (any Lender who timely notifies including those of the Borrowers and Required Lenders) having been obtained) become effective. The Borrower, the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent Consenting Lenders shall enter into an amendment to this Agreement (an “Extension Agreement”) to effect such modifications as may be necessary to reflect the terms of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionMaturity Date Extension Request.

Appears in 5 contracts

Samples: Credit Agreement (Papa Johns International Inc), Credit Agreement (Papa Johns International Inc), Credit Agreement (Papa Johns International Inc)

Extension of Maturity Date. (a) On any anniversary The Borrower may, by delivery of a Maturity Date Extension Request to the Administrative Agent (which shall promptly deliver a copy thereof to each of the Closing Date Lenders and the Issuing Banks) not less than 30 days prior to the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Date then existing maturity date for Commitments hereunder (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to ), request that the date that is one year after Lenders and the Issuing Banks extend the Existing Maturity Date (the “Requested Maturity Date”)in accordance with this Section; provided that the Borrowers Borrower may extend not make more than two Maturity Date Extension Requests during the term of this Agreement. Each Maturity Date Extension Request shall (i) specify the date to which the Maturity Date is sought to be extended; provided that such date is no more than one calendar year from the then-scheduled Maturity Date, (ii) specify the changes, if any, to the Applicable Rate to be applied in determining the interest payable on Loans of, and fees payable hereunder to, Consenting Lenders (as defined below) in respect of that portion of their Commitments (and related Loans) extended to such new Maturity Date and the time as of which such changes will become effective (which may be prior to the Existing Maturity Date), (iii) specify the amount of Commitments of Consenting Lenders extended to such new Maturity Date required for effectiveness and (iv) specify any other amendments or modifications to this Agreement to be effected in connection with such Maturity Date Extension Request; provided that no such changes or modifications requiring approvals pursuant to Section 9.02(b) shall become effective prior to the then existing Maturity Date unless such other approvals have been obtained. In the event a Maturity Date Extension Request shall have been delivered by the Borrower, each Lender shall have the right to agree or not agree to the extension of the Existing Maturity Date and other matters contemplated thereby on the terms and subject to the conditions set forth therein (each Lender agreeing to the Maturity Date Extension Request being referred to herein as a “Consenting Lender” and each Lender not agreeing thereto being referred to herein as a “Declining Lender”), which right may be exercised by written notice thereof, specifying the maximum two amount of its Commitment and, if such Lender (2or a designated Affiliate of such Lender) is then serving as an Issuing Bank, the LC Sublimit applicable to such Lender (or its designated Affiliate), with respect to which such Lender agrees to the extension of the Maturity Date, delivered to the Borrower (with a copy to the Administrative Agent) not later than a day to be agreed upon by the Borrower and the Administrative Agent following the date on which the Maturity Date Extension Periods. The Borrowers may make Request shall have been delivered by the Borrower (which shall be no shorter than three Business Days following the delivery of such request in request) (it being understood (x) that any Lender that shall have failed to exercise such right as set forth above shall be deemed to be a notice given as herein provided Declining Lender and substantially (y) that, in the form attached hereto case of any Lender then serving (or whose designated Affiliate is then serving) as Exhibit 2.8(aan Issuing Bank, (I) the LC Sublimit applicable to such Lender (or such designated Affiliate) shall not be extended in connection with an extension of such Lender’s Commitments unless so specified by such Lender (or such designated Affiliate), in its capacity as Issuing Bank, in such written notice to the Borrower and (II) for purposes of Section 2.19, the “Maturity Date” applicable to Letters of Credit of an Issuing Bank that has not extended its LC Sublimit will be the Maturity Date in respect of such LC Sublimit that has not been extended). If a Lender elects to extend only a portion of its then existing Commitment, it will be deemed for purposes hereof to be a Consenting Lender in respect of such extended portion and a Declining Lender in respect of the remaining portion of its Commitment. If Consenting Lenders shall have agreed to such Maturity Date Extension Request in respect of Commitments held by them, then, subject to paragraph (d) of this Section, on the date specified in the Maturity Date Extension Request as the effective date thereof (the “Extension of Maturity Date RequestEffective Date) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date), so long as (i) each the Existing Maturity Date of the representations and warranties contained in Section 7 and in applicable Commitments shall, as to the other Credit Documents Consenting Lenders, be extended to such date as shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (orspecified therein, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred the terms and be continuing on the date of such notice and as conditions of the commencement date Commitments of the relevant Consenting Lenders (including interest and fees payable in respect thereof), shall be modified as set forth in the Maturity Date Extension Period. Each LenderRequest, acting (iii) such other modifications and amendments hereto specified in its sole discretionthe Maturity Date Extension Request shall (subject to any required approvals (including those of the Required Lenders) having been obtained, shall, except that any such other modifications and amendments that do not later than a date 30 days after its receipt take effect until the Existing Maturity Date shall not require the consent of any such notice from Lender other than the Administrative Agent, notify Consenting Lenders) become effective and (iv) in the Borrowers and the Administrative Agent in writing case of its election to extend any Consenting Lender then serving (or whose designated Affiliate is then serving) as an Issuing Bank that shall not have agreed to extend the Existing Maturity Date with respect to its Commitment. Any Lender which LC Sublimit, or shall not timely notify the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date shall be deemed not to have elected agreed to extend the Existing Maturity Date with respect to less than the entire amount of its Commitment (any Lender who timely notifies LC Sublimit, such Issuing Bank shall not have the Borrowers and the Administrative Agent of an election not obligation to issue, amend, extend or fails increase Letters of Credit following the Extension Effective Date, if after giving effect to timely notify any such issuance, amendment, extension or increase, the Borrowers and LC Exposure attributable to Letters of Credit issued by such Issuing Bank that have a stated expiration date after the Administrative Agent date that is five days prior to the Existing Maturity Date with respect to the non-extended portion of its election being referred to as a “Terminating Lender” and all LC Sublimit would exceed the extended portion (if any) of such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionLC Sublimit.

Appears in 4 contracts

Samples: Revolving Credit Agreement (Block, Inc.), Revolving Credit Agreement (Block, Inc.), Revolving Credit Agreement (Square, Inc.)

Extension of Maturity Date. (a) On At any anniversary of the Closing Date prior to the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent time not less than 30 days and not more earlier than 90 days prior to any the anniversary date of this agreement in each year nor later than 60 days prior to the anniversary date of this agreement in each year, the Borrower may, by written request to the Administrative Agent (the “Extension Request”), request that this agreement be amended to extend the then current Maturity Date to a date up to one year later than the then current Maturity Date. A copy of the Closing Date, so long as (i) Extension Request shall be provided by the Administrative Agent to each of the representations and warranties contained Lenders in accordance with Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period14.18. Each LenderLender may, acting in its sole discretiondiscretion and regardless of whether or not there is any Default hereunder, shallby written notice to the Administrative Agent (the “Extension Response Notice”), not later than a date 30 25 days after its receipt of the Extension Request (the “Extension Response Period”), approve or decline the Extension Request. If any Lender does not provide an Extension Response Notice within the Extension Response Period, such notice from Lender shall be deemed to have declined the Administrative AgentExtension Request. If the Majority Lenders approve the Extension Request, notify the Borrowers and the Administrative Agent in writing shall notify the Borrower and the Lenders of its election to extend or not to extend such approval and confirm the Existing new Maturity Date, which new Maturity Date with respect to its Commitmentshall become effective on and from the then current Maturity Date. Any Lender which shall If the Majority Lenders do not timely notify approve the Borrowers and Extension Request, the Administrative Agent of its election to extend shall notify the Existing Borrower and the Lenders and the Maturity Date shall not be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionextended.

Appears in 4 contracts

Samples: Credit Agreement (New Gold Inc. /FI), Credit Agreement (New Gold Inc. /FI), Credit Agreement (New Gold Inc. /FI)

Extension of Maturity Date. The Borrower may, by written request to the Agent and the Lenders given not later than one hundred eighty (a180) On any anniversary of the Closing Date days prior to the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Date then in effect (the “Existing Effective Maturity Date”) for an additional one-year period request (an “Extension PeriodRequest”) that such Effective Maturity Date be extended to a date which is twenty-four (24) months after such Effective Maturity Date. No later than the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension Response Date”) which is 30 days after such Extension Request has been delivered to each of the Lenders, each Lender will notify the Borrower in writing (with a copy to the Agent) whether or not it consents to such Extension Request (which consent may be granted or denied by each Lender in its sole discretion and may be conditioned on receipt of such financial information or other documentation as may be specified by such Lender); provided, that any Lender that fails to so advise the Borrower on or prior to the Extension Response Date shall be deemed to have denied such Extension Request. The extension of the Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary contemplated by an Extension Request shall become effective as of the Closing applicable Effective Maturity Date; provided, so long as that (i) all of the Lenders shall have consented to such Extension Request; and (ii) (x) each of the representations and warranties contained made by the Borrower in Section 7 and in or pursuant to the other Credit Loan Documents shall be true and correct in all material respects on and as of each of the date of such notice Extension Request and as of the commencement date of the relevant Extension Period such Effective Maturity Date as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific except to the extent relating to an earlier date) and , (iiy) no Default or Event of Default shall have occurred and be continuing on the date of such notice Extension Request or on such Effective Maturity Date and as (z) on each of the commencement date of the relevant such Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any Request and such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to extend the Existing Effective Maturity Date with respect to its Commitment. Any Lender which shall not timely notify the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectivelyDate, the “Terminating Lenders”). The election Agent shall have received a certificate of any Lender the Borrower as to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionthe matters set forth in clauses (x) and (y) above.

Appears in 4 contracts

Samples: Pledge Agreement (Novamed Inc), Credit Agreement (Novamed Inc), Credit Agreement (Novamed Inc)

Extension of Maturity Date. (a) On The Borrower may, by written notice to the Administrative Agent (such notice being an “Extension Notice”) given at any anniversary of the Closing Date time, from time to time but in any event, no later than 45 days prior to the Maturity Date then in effect (the date of such notice, the “Notice Date”), request the Lenders to extend the then applicable Maturity Date to a date specified in the Extension Notice (the “Extended Maturity Date”). The Administrative Agent shall promptly transmit any Extension Notice to each Lender. Each Lender shall notify the Administrative Agent whether it wishes to extend the then applicable Maturity Date no later than twenty days after the Notice Date, and any such notice given by a Lender to the Administrative Agent, once given, shall be irrevocable as to such Lender. The Administrative Agent shall promptly notify the Borrower of each Lender’s notice that it wishes to extend (each, an “Extension Acceptance Notice”). Any Lender which does not expressly notify the Administrative Agent during such twenty day period that it wishes to so extend the then applicable Maturity Date shall be deemed to have rejected the Borrower’s request for extension of such Maturity Date. Lenders consenting to extend the then applicable Maturity Date are hereinafter referred to as “Continuing Lenders”, and Lenders declining to consent to extend such Maturity Date (or Lenders deemed to have so declined) are hereinafter referred to as “Non-Extending Lenders”. If the Required Lenders have elected (in their sole and absolute discretion) to so extend the Maturity Date, the Borrowers may request to extend Administrative Agent shall notify the then-applicable Maturity Date (Borrower of such election by such Required Lenders no later than five days after the “Existing Maturity Date”) for an additional one-year period (an “date when Extension Period”) Acceptance Notices are due, and effective on the date of such notice by the Administrative Agent to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) Borrower (the “Extension of Date”), the Maturity Date Request”) shall be automatically and immediately so extended to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary Extended Maturity Date. No extension will be permitted hereunder without the consent of the Closing Date, so long as (i) each Required Lenders and in no event shall the period from the Extension Date to the Extended Maturity Date exceed five years. Upon the delivery of an Extension Notice and upon the extension of the representations and warranties contained in Maturity Date pursuant to this Section 7 and in 2.6, the other Credit Documents Borrower shall be true deemed to have represented and correct in all material respects warranted on and as of the date of such notice Notice Date and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific dateDate, as of such specific date) and (ii) the case may be, that no Default or Event of Default has occurred and is continuing. Notwithstanding anything contained in this Agreement to the contrary, no Lender shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not obligation to extend the Existing Maturity Date with respect to Date, and each Lender may at its Commitment. Any Lender which shall not timely notify the Borrowers option, unconditionally and the Administrative Agent of its election without cause, decline to extend the Existing Maturity Date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionDate.

Appears in 3 contracts

Samples: Credit Agreement (Borgwarner Inc), Credit Agreement (Borgwarner Inc), Credit Agreement (Borgwarner Inc)

Extension of Maturity Date. (a) On any anniversary Each Revolving Credit Lender’s Revolving Credit Commitment may be extended, if at the time (i) the conditions specified in Section 4.02 are met and (ii) the representations and warranties contained in Section 5.05(b) and 5.06 are true and correct in all material respects, in the manner set forth in this Section 2.17, on not more than two occasions, for a period of the Closing Date prior to the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (date on which the “Requested Maturity Date”); provided Revolving Credit Commitment of such Revolving Credit Lender would have been terminated. If the Company wishes to request an extension of each Revolving Credit Lender’s Revolving Credit Commitment, it shall give notice to that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) effect to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary the date that the Company desires that such extension take effect (the “Extension Date”, which Extension Date shall not be earlier than the date that is four years prior to the then applicable Maturity Date of the Closing DateRevolving Credit Commitments, so long as (i) such that, for the avoidance of doubt, the remaining term of the Revolving Credit Commitments after giving effect to such extension shall in no event exceed five years at any time), whereupon the Administrative Agent shall promptly notify each of the representations and warranties contained in Section 7 and in the other Revolving Credit Documents shall be true and correct in all material respects on and as of the date Lenders of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any request. Each Revolving Credit Lender wishing to extend shall respond affirmatively to such representation and warranty is expressly stated to have been made as of a specific date, as request within 15 days of such specific date) and request (ii) no Default or Event of Default shall have occurred and be continuing on such longer period as the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers Company and the Administrative Agent in writing of its election may reasonably agree) to the Administrative Agent. If any Revolving Credit Lender shall not have responded affirmatively within such 15-day period (or such longer period, if applicable), such Revolving Credit Lender shall be deemed to have rejected the Company’s proposal to extend or not its Revolving Credit Commitment, and only the Revolving Credit Commitments of those Revolving Credit Lenders which have responded affirmatively shall be extended, subject to extend the Existing Maturity Date with respect to its Commitment. Any Lender which shall not timely notify the Borrowers and receipt by the Administrative Agent of its election counterparts of an extension agreement in form reasonably satisfactory to extend the Existing Maturity Date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of and the Company (an election not to extend or fails to timely notify “Extension Agreement”), duly completed and signed by the Borrowers and Company, the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, of the “Terminating Lenders”)Revolving Credit Lenders which have responded affirmatively. The election Administrative Agent shall provide to the Company, no later than 10 days prior to the Extension Date for any such request, a list of the Revolving Credit Lenders which have responded affirmatively. The Extension Agreement shall be executed and delivered no later than five days prior to the Extension Date, and no extension of the Revolving Credit Commitments pursuant to this Section 2.17 shall be legally binding on any Lender to agree to party hereto unless and until such Extension Agreement is so executed and delivered by Revolving Credit Lenders having at least a requested extension shall not obligate any other Lender to agree to such requested extensionmajority of the aggregate amount of the Revolving Credit Commitments.

Appears in 3 contracts

Samples: Credit Agreement (Fidelity National Information Services, Inc.), Credit Agreement (Fidelity National Information Services, Inc.), Credit Agreement (Fidelity National Information Services, Inc.)

Extension of Maturity Date. The Borrower shall have the right, exercisable one time, to request that the Administrative Agent and the Revolving Lenders agree to extend the Maturity Date by one (a1) On any anniversary of year. The Borrower may exercise such right only by executing and delivering to the Closing Date Administrative Agent at least ninety (90) days but not more than one hundred eighty (180) days prior to the current Maturity Date, the Borrowers may a written request to extend the then-applicable Maturity Date (the “Existing Maturity Date”) for an additional one-year period such extension (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity DateRequest”); provided that . The Administrative Agent shall notify the Borrowers may extend Revolving Lenders if it receives an Extension Request promptly upon receipt thereof. Subject to satisfaction of the following conditions, the Maturity Date shall be extended for a maximum two one (21) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to year effective upon receipt by the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as Extension Request and payment of the fee referred to in the following clause (ii): (i) each immediately prior to such extension and immediately after giving effect thereto, (A) no Default or Event of Default shall exist and (B) the representations and warranties contained in Section 7 made or deemed made by the Borrower and each other Loan Party in the other Credit Loan Documents to which any of them is a party, shall be true and correct in all material respects on and as of the date of such notice extension with the same force and as of the commencement date of the relevant Extension Period effect as if made on and as of each such date except to the extent that such representations and warranties expressly relate solely to an earlier date (or, if any in which case such representation representations and warranty is expressly stated to warranties shall have been made as of a specific date, true and correct in all material respects on and as of such specific earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents; and (ii) no Default or Event of Default the Borrower shall have occurred and paid to Administrative Agent for the ratable account of each of the Lenders a fee equal to 0.15% of the amount of the Aggregate Revolving Commitment on the effective date of the extension (which fee shall be continuing fully earned on the date of such notice and as of the commencement date of Administrative Agent receives the relevant Extension PeriodRequest pursuant to this Section 2.19). Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt At any time prior to the effectiveness of any such notice from extension, upon the Administrative Agent’s request, notify the Borrowers and Borrower shall deliver to the Administrative Agent in writing of its election to extend a certificate from the chief executive officer or not to extend chief financial officer certifying the Existing Maturity Date with respect to its Commitment. Any Lender which shall not timely notify the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being matters referred to as a “Terminating Lender” in the immediately preceding clauses (i)(A) and all such Lenders, collectively, the “Terminating Lenders”(i)(B). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extension.

Appears in 3 contracts

Samples: Assignment and Assumption Agreement (First Industrial Lp), Unsecured Revolving Credit Agreement (First Industrial Realty Trust Inc), Unsecured Revolving Credit Agreement (First Industrial Realty Trust Inc)

Extension of Maturity Date. (a) On any anniversary The Borrower may from time to time, pursuant to the provisions of this Section 2.11, without the consent of the Closing Date prior to the Maturity DateAdministrative Agent, the Borrowers may request Majority Lenders, the Combined Majority Lenders or the Combined Term Majority Lenders, agree with one or more Lenders to extend the then-applicable Maturity Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension period of Maturity Date Request”) to the Administrative Agent not less than 30 days six months then applicable to such Lender’s Loan, and not more than 90 days prior to any anniversary of otherwise modify the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt economic terms of any such notice Loans or any portion thereof (including, without limitation, by modifying the interest rate or fees payable and/or the amortization schedule in respect of such Loans or any portion thereof (each such modification an “Extension”) pursuant to one or more written offers (each an “Extension Offer”) made from time to time by the Borrower to all Lenders whose Loans have the same Maturity Date that is proposed to be extended under this Section 2.11, in each case on a pro rata basis (based on the relative principal amounts of the outstanding Loans of each such Lender holding such Loans) and on the same terms to each such Lender, which Extension Offer may be conditioned as determined by the Borrower and set forth in such offer. In connection with each Extension, the Borrower will provide notification to Administrative AgentAgent (for distribution to the applicable Lenders), notify no later than 30 days (or such shorter period as Administrative Agent may agree) prior to the Borrowers maturity of the applicable Loans to be extended of the requested new maturity date for the proposed Extension Loans (each an “Extended Maturity Date”) and the due date for Lender responses. The Borrower and the Administrative Agent shall agree to such procedures, if any, as may be reasonably established by, or acceptable to, the Administrative Agent to accomplish the purposes of this Section 2.11. In connection with any Extension, each applicable Lender wishing to participate in writing of its election such Extension shall, prior to extend or not to extend the Existing Maturity Date such due date, provide Administrative Agent with respect to its Commitmenta written notice thereof. Any Lender which shall that does not timely notify respond to an Extension Offer (referred to herein as a “Non-Extending Lender”) by the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date applicable due date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all rejected such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionExtension.

Appears in 3 contracts

Samples: Senior Secured Term Loan Agreement (Energy Transfer Equity, L.P.), Senior Secured Term Loan C Agreement, Senior Secured Term Loan C Agreement (Energy Transfer Equity, L.P.)

Extension of Maturity Date. (a) On any anniversary The Borrower may, by delivering an Extension Request to the Administrative Agent (who shall promptly deliver a copy to each of the Closing Date prior to Lenders), not less than 60 days in advance of the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Date in effect at such time (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to ), request that the date that is one year after Lenders extend the Existing Maturity Date (to the “Requested Maturity Date”); provided that the Borrowers may extend the first anniversary of such Existing Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty date is expressly stated to have been made as of not a specific dateBusiness Day, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Periodimmediately preceding Business Day). Each Lender, acting in its sole discretion, shall, by written notice to the Administrative Agent given not later than the date that is the 20th day after the date of the Extension Request, or if such date is not a date 30 days after its receipt of any such notice from Business Day, the Administrative Agentimmediately following Business Day (the “Response Date”), notify the Borrowers and advise the Administrative Agent in writing of its election to extend whether or not such Lender agrees to the requested extension. Each Lender that advises the Administrative Agent that it will not extend the Existing Maturity Date with respect is referred to its Commitment. Any herein as a “Non-extending Lender”; provided, that any Lender which shall that does not timely notify the Borrowers and advise the Administrative Agent of its election consent to extend such requested extension by the Existing Maturity Response Date and any Lender that is a Defaulting Lender on the Response Date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the be a Non-extending Lender. The Administrative Agent of an election not to extend or fails to timely shall notify the Borrowers and Borrower, in writing, of the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, ’ elections promptly following the “Terminating Lenders”)Response Date. The election of any Lender to agree to a requested such an extension shall not obligate any other Lender to so agree, and it is understood that no Lender shall have any obligation whatsoever to agree to such requested extensionany request made by the Borrower for an extension of the Existing Maturity Date. The Maturity Date may be extended no more than two times pursuant to this Section 2.22.

Appears in 3 contracts

Samples: Credit Agreement (Northwest Natural Gas Co), Credit Agreement (Northwest Natural Gas Co), Credit Agreement (Northwest Natural Holding Co)

Extension of Maturity Date. (a) On any anniversary The Borrower may, by delivery of a Maturity Date Extension Request to the Administrative Agent (which shall promptly deliver a copy thereof to each of the Closing Date Lenders and the Issuing Banks) not less than 30 days prior to the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Date then existing maturity date for Commitments of any Class (as defined below) hereunder (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to ), request that the date that is one year after applicable Lenders and the Issuing Banks extend the Existing Maturity Date (the “Requested Maturity Date”)in accordance with this Section; provided that the Borrowers Borrower may extend not make more than two Maturity Date Extension Requests during the term of this Agreement. Each Maturity Date Extension Request shall (i) specify the Class of Commitments and the date to which the Maturity Date for is sought to be extended; provided that such date is no more than one calendar year from the latest then-scheduled Maturity Date, (ii) specify the changes, if any, to the Applicable Rate to be applied in determining the interest payable on Loans of, and fees payable hereunder to, Consenting Lenders (as defined below) in respect of that portion of their Commitments (and related Loans) of the applicable Class extended to such new Maturity Date and the time as of which such changes will become effective (which may be prior to the Existing Maturity Date) and (iii) specify any other amendments or modifications to this Agreement to be effected in connection with such Maturity Date Extension Request; provided that no such changes or modifications requiring approvals pursuant to Section 10.2(b) shall become effective prior to the then existing Maturity Date unless such other approvals having been obtained. In the event a Maturity Date Extension Request shall have been delivered by the Borrower, each Lender of the applicable Class shall have the right to agree or not agree to the extension of the Existing Maturity Date and other matters contemplated thereby on the terms and subject to the conditions set forth therein (each Lender agreeing to the Maturity Date Extension Request being referred to herein as a “Consenting Lender” and each Lender not agreeing thereto being referred to herein as a “Declining Lender” and the Commitments of each group of Consenting Lenders (as so extended) and the Commitments of each group of Declining Lenders (not so extended) shall be considered separate “classes” (each, a “Class”)), which right may be exercised by written notice thereof, specifying the maximum two amount of its Commitment and, if such Lender (2or a designated Affiliate of such Lender) is then serving as an Issuing Bank, its (or its designated Affiliate’s) Issuing Bank Sublimit, with respect to which such Lender agrees to the extension of the Maturity Date, delivered to the Borrower (with a copy to the Administrative Agent) not later than a day to be agreed upon by the Borrower and the Administrative Agent following the date on which the Maturity Date Extension Periods. The Borrowers may make Request shall have been delivered by the Borrower (it being understood (x) that any Lender that shall have failed to exercise such request in right as set forth above shall be deemed to be a notice given as herein provided Declining Lender and substantially (y) that, in the form attached hereto case of any Lender then serving (or whose designated Affiliate is then serving) as Exhibit 2.8(aan Issuing Bank, (I) the Issuing Bank Sublimit of such Lender (or such designated Affiliate) shall not be extended in connection with an extension of such Lender’s Commitments unless so specified by such Lender (or such designated Affiliate), in its capacity as Issuing Bank, in such written notice to the Borrower and (II) for purposes of Section 2.4(a), the “Maturity Date” applicable to Letters of Credit of an Issuing Bank that has not extended its Issuing Bank Sublimit will be the Maturity Date in respect of such Letter of Credit Sublimit that has not been extended). If a Lender elects to extend only a portion of its then existing Commitment, it will be deemed for purposes hereof to be a Consenting Lender in respect of such extended portion and a Declining Lender in respect of the remaining portion of its Commitment. If Consenting Lenders shall have agreed to such Maturity Date Extension Request in respect of Commitments held by them, then, subject to paragraph (d) of this Section, on the date specified in the Maturity Date Extension Request as the effective date thereof (the “Extension of Maturity Date RequestEffective Date) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date), so long as (i) each the Existing Maturity Date of the representations and warranties contained in Section 7 and in applicable Commitments shall, as to the other Credit Documents Consenting Lenders, be extended to such date as shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (orspecified therein, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred the terms and be continuing on the date of such notice and as conditions of the commencement date Commitments of the relevant Consenting Lenders (including interest and fees payable in respect thereof), shall be modified as set forth in the Maturity Date Extension Period. Each LenderRequest, acting (iii) such other modifications and amendments hereto specified in its sole discretionthe Maturity Date Extension Request shall (subject to any required approvals (including those of the Required Lenders) have been obtained, shall, except that any such modifications and amendments that do not later than a date 30 days after its receipt take effect until the Existing Maturity Date shall not require the consent of any such notice from Lender other than the Administrative Agent, notify Consenting Lenders) become effective and (iv) in the Borrowers and the Administrative Agent in writing case of its election to extend any Consenting Lender then serving (or whose designated Affiliate is then serving) as an Issuing Bank that shall not have agreed to extend the Existing Maturity Date with respect to its Commitment. Any Lender which Issuing Bank Sublimit, or shall not timely notify the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date shall be deemed not to have elected agreed to extend the Existing Maturity Date with respect to less than the entire amount of its Commitment (any Lender who timely notifies Issuing Bank Sublimit, such Issuing Bank shall not have the Borrowers and the Administrative Agent of an election not obligation to issue, amend, extend or fails increase Letters of Credit following the Extension Effective Date, if after giving effect to timely notify any such issuance, amendment, extension or increase, the Borrowers and Letter of Credit Usage attributable to Letters of Credit issued by such Issuing Bank that have an expiration date after the Administrative Agent date that is five days prior to the Existing Maturity Date with respect to the non-extended portion of its election being referred to as a “Terminating Lender” and all Issuing Bank Sublimit would exceed the extended portion (if any) of such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionIssuing Bank Sublimit.

Appears in 3 contracts

Samples: Revolving Credit and Guaranty Agreement (Coupang, Inc.), Counterpart Agreement (Coupang, Inc.), Counterpart Agreement (Coupang, Inc.)

Extension of Maturity Date. (a) On any anniversary The Company may, by delivering an Extension Request to the Administrative Agent (who shall promptly deliver a copy to each of the Closing Date prior to Lenders), in advance of the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Date with respect to any Facility, as in effect at such time (the an “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to such Facility, request that the date that is one year after the Lenders extend such Existing Maturity Date (each, an “Extension”) to any date that it shall select (such date, the “Requested Extended Maturity Date”; any Term Facility so extended, an “Extended Term Facility,” any Revolving Credit Facility so extended, an “Extended Revolving Credit Facility” and, together with any Extended Term Facility, an “Extended Facility”; and any Revolving Credit Commitments so extended, “Extended Revolving Credit Commitments”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, by written notice to the Administrative Agent given not later than the date specified by the Company in such Extension Request, or if such date is not a date 30 days after its receipt of any such notice from Business Day, the Administrative Agentimmediately following Business Day (the “Response Date”), notify the Borrowers and advise the Administrative Agent in writing of its election to extend whether or not such Xxxxxx agrees to the requested extension. Each Lender that advises the Administrative Agent that it will not extend the an Existing Maturity Date with respect is referred to its Commitment. Any herein as a “Non-Extending Lender”; provided, that any Lender which shall that does not timely notify the Borrowers and advise the Administrative Agent of its election consent to extend such requested extension by the Existing Maturity Response Date and any Lender that is a Defaulting Lender on the Response Date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the be a Non-Extending Lender. The Administrative Agent of an election not to extend or fails to timely shall notify the Borrowers and Company, in writing, of the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, ’ elections promptly following the “Terminating Lenders”)Response Date. The election of any Lender to agree to a requested extension such an Extension shall not obligate any other Lender to agree to such requested extensionso agree.

Appears in 3 contracts

Samples: Credit Agreement (MSGE Spinco, Inc.), Credit Agreement (Madison Square Garden Entertainment Corp.), Credit Agreement (Madison Square Garden Entertainment Corp.)

Extension of Maturity Date. (a) On any anniversary of the Closing Date Business Day occurring at least thirty (30) calendar days but no more than sixty (60) calendar days prior to the Stated Maturity DateDate then in effect, the a Responsible Officer of Borrowers may submit to Administrative Agent, on behalf of such Borrowers and in accordance with Section 11.4, a written request to extend the then-applicable Maturity Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to extend the Administrative Agent Stated Maturity Date then in effect to a date occurring three hundred sixty-four (364) days after such Stated Maturity Date or, if such date is not less than 30 days and not more than 90 days prior to any anniversary a Business Day, the immediately preceding Business Day. Submission by the Borrowers of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents an Extension Request shall be true and correct deemed to be a restatement in all material respects on of each representation and warranty made by such Borrowers in Section 7 as of the date of such notice Extension Request. Upon receipt of an Extension Request, Administrative Agent and as of the commencement date of the relevant Extension Period as if made on and as of each date (orLender shall determine, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shallwhether to consent to such Extension Request. If such consent is granted by Administrative Agent and the Lenders, not later than a (a) Administrative Agent shall provide such requesting Borrowers with notice of Administrative Agent’s and such Lenders’ consent to such Extension Request; (b) as of the date 30 days after of such Extension Notice, all references to the Stated Maturity Date in this Credit Agreement shall be deemed to be references to the Stated Maturity Date as extended by the Extension Request; (c) if the Extension Notice indicates that either such term is to be amended, as of the date of such Extension Notice, each of the definitions of the terms “Applicable Rate” and “Unused Commitment Fee” appearing in Section 1.1 shall be deleted and replaced in its entirety with the new definition for such term set forth in the Extension Notice; and (d) within five (5) Business Days of the applicable Borrowers’ receipt of any the Extension Notice, such notice from Borrowers shall pay an extension fee to Administrative Agent for the benefit of the Lenders in an amount equal to 25 basis points (0.25%) of each such Lender’s Commitment as of the date on which such Borrowers receive such Extension Notice. If Administrative Agent, notify acting on behalf of the Lenders, does not provide the applicable Borrowers with notice of its and the Administrative Agent in writing of its election Lenders’ consent to extend an Extension Request on or not prior to extend the Existing Stated Maturity Date with respect then in effect, such Extension Request shall be deemed to its Commitment. Any Lender which shall not timely notify have been denied by the Borrowers and the Administrative Agent of its election to extend the Existing Lenders, such Stated Maturity Date shall not be deemed extended and such Borrowers shall not be permitted to have elected to extend the Existing Maturity Date with respect to its Commitment (submit any Lender who timely notifies the Borrowers subsequent Extension Requests. If Administrative Agent and the Administrative Agent of an election not Lenders consent to extend or fails to timely notify the applicable Borrowers’ initial Extension Request, such Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionmay submit no more than one (1) subsequent Extension Request.

Appears in 3 contracts

Samples: Revolving Credit and Security Agreement (Golub Capital BDC 3, Inc.), Revolving Credit and Security Agreement (Golub Capital BDC 3, Inc.), Revolving Credit and Security Agreement (Golub Capital BDC 3, Inc.)

Extension of Maturity Date. (a) On The Borrower may, by written notice to the Administrative Agent (such notice being an “Extension Notice”) given at any anniversary of the Closing Date time, from time to time but in any event, no later than forty-five (45) days prior to the Maturity Date then in effect (the date of such notice, the “Notice Date”), request the Lenders to extend the then applicable Maturity Date to a date specified in the Extension Notice (the “Extended Maturity Date”). The Administrative Agent shall promptly transmit any Extension Notice to each Lender. Each Lender shall notify the Administrative Agent whether it wishes to extend the then applicable Maturity Date no later than twenty (20) days after the Notice Date, and any such notice given by a Lender to the Administrative Agent, once given, shall be irrevocable as to such Lender. The Administrative Agent shall promptly notify the Borrower of each Lender’s notice that it wishes to extend (each, an “Extension Acceptance Notice”). Any Lender which does not expressly notify the Administrative Agent during such twenty day period that it wishes to so extend the then applicable Maturity Date shall be deemed to have rejected the Borrower’s request for extension of such Maturity Date. Lenders consenting to extend the then applicable Maturity Date are hereinafter referred to as “Continuing Lenders”, and Lenders declining to consent to extend such Maturity Date (or Lenders deemed to have so declined) are hereinafter referred to as “Non-Extending Lenders”. If the Required Lenders have elected (in their sole and absolute discretion) to so extend the Maturity Date, the Borrowers may request to extend Administrative Agent shall notify the then-applicable Maturity Date Borrower of such election by such Required Lenders no later than five (5) days after the “Existing Maturity Date”) for an additional one-year period (an “date when Extension Period”) Acceptance Notices are due, and effective on the date of such notice by the Administrative Agent to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) Borrower (the “Extension of Date”), the Maturity Date Request”) shall be automatically and immediately so extended to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary Extended Maturity Date. No extension will be permitted hereunder without the consent of the Closing Date, so long as Required Lenders and in no event shall the period from the Extension Date to the Extended Maturity Date exceed five (i5) each years. Upon the delivery of an Extension Notice and upon the extension of the representations and warranties contained in Maturity Date pursuant to this Section 7 and in 2.6, the other Credit Documents Borrower shall be true deemed to have represented and correct in all material respects warranted on and as of the date of such notice Notice Date and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific dateDate, as of such specific date) and (ii) the case may be, that no Default or Event of Default has occurred and is continuing. Notwithstanding anything contained in this Agreement to the contrary, no Lender shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not obligation to extend the Existing Maturity Date with respect to Date, and each Lender may at its Commitment. Any Lender which shall not timely notify the Borrowers option, unconditionally and the Administrative Agent of its election without cause, decline to extend the Existing Maturity Date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionDate.

Appears in 3 contracts

Samples: Credit Agreement (Borgwarner Inc), Credit Agreement (Borgwarner Inc), Credit Agreement (Borgwarner Inc)

Extension of Maturity Date. (a) On any anniversary of the Closing Date Not less than 60 days and no more than 90 days prior to the Maturity DateDate then in effect, provided that no Event of Default shall have occurred and be continuing, the Borrowers Company may request to extend the then-applicable an extension of such Maturity Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) by submitting to the date that is one year after Agent an Extension Request containing the Existing Maturity Date (information in respect of such extension specified in Exhibit 2.20, which the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension PeriodsAgent shall promptly furnish to each Bank. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent Each Bank shall, not less than 30 days and not more than 90 60 days prior to the Maturity Date then in effect, notify the Company and the Agent of its election (in its sole and absolute discretion) to extend or not extend the Maturity Date as requested in such Extension Request. Notwithstanding any anniversary provision of this Agreement to the contrary, any notice by any Bank of its willingness to extend the Maturity Date shall be revocable by such Bank in its sole and absolute discretion at any time prior to the date that is 30 days prior to the Maturity Date then in effect. If all Banks shall approve in writing the extension of the Closing DateMaturity Date requested in such Extension Request, so long as the Maturity Date shall automatically and without any further action by any Person be extended for the period specified in such Extension Request; provided that (i) each of the representations and warranties contained in extension pursuant to this Section 7 and in the other Credit Documents 2.20 shall be true and correct in all material respects on and as for a maximum of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) 364 days and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to extend the Existing Maturity Date with respect to its Commitment. Any Lender which shall not timely notify the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date shall not be deemed extended beyond the second anniversary of the original Maturity Date. If, not less than 30 days and not more than 60 days prior to have elected to extend the Existing Maturity Date with respect then in effect, all Banks shall not approve in writing the extension of the Maturity Date requested in an Extension Request, the Maturity Date shall not be extended pursuant to its Commitment (any Lender who timely notifies such Extension Request. The Agent shall promptly notify the Borrowers Banks and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election Company of any Lender extension of the Maturity Date pursuant to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionthis Section 2.20.

Appears in 3 contracts

Samples: Credit Agreement (Group Maintenance America Corp), Credit Agreement (Group Maintenance America Corp), Credit Agreement (Group Maintenance America Corp)

Extension of Maturity Date. (a) On any anniversary of the Closing Date Not less than 60 days and not more than 90 days prior to the Maturity DateDate then in effect, provided that no Event of Default shall have occurred and be continuing, the Borrowers Borrower may request to extend the then-applicable an extension of such Maturity Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) by submitting to the Administrative Agent an Extension Request containing the information in respect of such extension specified in Exhibit H, which the Administrative Agent shall promptly furnish to each Lender. Each Lender shall, not less than 30 days and not more than 90 60 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained Maturity Date then in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agenteffect, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to extend the Existing Maturity Date with respect to its Commitment. Any Lender which shall not timely notify the Borrowers Borrower and the Administrative Agent of its election to extend or not extend the Existing Maturity Date as requested in such Extension Request. Notwithstanding any provision of this Agreement to the contrary, any notice by any Lender of its willingness to extend the Maturity Date shall be deemed not revocable by such Lender in its sole and absolute discretion at any time prior to have elected the date which is 30 days prior to extend the Existing Maturity Date then in effect. If the Supermajority Lenders shall approve in writing the extension of the Maturity Date requested in such Extension Request, the Maturity Date shall automatically and without any further action by any Person be extended for the period specified in such Extension Request; provided that (i) each extension pursuant to this Section 2.24 shall be for a maximum of 364 days and (ii) the Commitment of any Lender which does not consent in writing to such extension not less than 30 days and not more than 60 days prior to the Maturity Date then in effect (an "Objecting Lender") shall, unless earlier terminated in accordance with this Agreement, expire on the Maturity Date in effect on the date of such Extension Request (such Maturity Date, if any, referred to as the "Commitment Expiration Date" with respect to its Commitment such Objecting Lender). If not less than 30 days and not more than 60 days prior to the Maturity Date then in effect, the Supermajority Lenders shall not approve in writing the extension of the Maturity Date requested in an Extension Request, the Maturity Date shall not be extended pursuant to such Extension Request. The Administrative Agent shall promptly notify (any Lender who timely notifies y) the Borrowers Lenders and the Administrative Agent Borrower of an election not any extension of the Maturity Date pursuant to extend or fails to timely notify this Section 2.24 and (z) the Borrowers Borrower and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election any other Lender of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionwhich becomes an Objecting Lender.

Appears in 3 contracts

Samples: 364 Day Competitive Advance and Revolving Credit Agreement (HFS Inc), Credit Agreement (Cendant Corp), Credit Agreement (Cendant Corp)

Extension of Maturity Date. (a) On any anniversary of the Closing Date Business Day occurring at least thirty (30) calendar days but no more than sixty (60) calendar days prior to the Stated Maturity DateDate then in effect, the a Responsible Officer of Borrowers may submit to Administrative Agent, on behalf of such Borrowers and in accordance with Section 11.4, a written request to extend the then-applicable Maturity Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to extend the Administrative Agent Stated Maturity Date then in effect to a date occurring three hundred sixty-four (364) days after such Stated Maturity Date or, if such date is not less than 30 days and not more than 90 days prior to any anniversary a Business Day, the immediately preceding Business Day. Submission by the Borrowers of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents an Extension Request shall be true and correct deemed to be a restatement in all material respects on of each representation and warranty made by such Borrowers in Section 7 as of the date of such notice Extension Request. Upon receipt of an Extension Request, Administrative Agent and as of the commencement date of the relevant Extension Period as if made on and as of each date (orLender shall determine, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shallwhether to consent to such Extension Request. If such consent is granted by Administrative Agent and the Lenders, not later than a (a) Administrative Agent shall provide such requesting Borrowers with notice of Administrative Agent’s and such Lenders’ consent to such Extension Request; (b) as of the date 30 days after of such Extension Notice, all references to the Stated Maturity Date in this Credit Agreement shall be deemed to be references to the Stated Maturity Date as extended by the Extension Request; (c) if the Extension Notice indicates that either such term is to be amended, as of the date of such Extension Notice, each of the definitions of the terms “Applicable Rate” and “Unused Commitment Fee” appearing in Section 1.1 shall be deleted and replaced in its entirety with the new definition for such term set forth in the Extension Notice; and (d) within five (5) Business Days of the applicable Borrowers’ receipt of any the Extension Notice, such notice from Borrowers shall pay an extension fee to Administrative Agent for the benefit of the Lenders in an amount equal to 20 basis points (0.20%) of each such Lender’s Commitment as of the date on which such Borrowers receive such Extension Notice. If Administrative Agent, notify acting on behalf of the Lenders, does not provide the applicable Borrowers with notice of its and the Administrative Agent in writing of its election Lenders’ consent to extend an Extension Request on or not prior to extend the Existing Stated Maturity Date with respect then in effect, such Extension Request shall be deemed to its Commitment. Any Lender which shall not timely notify have been denied by the Borrowers and the Administrative Agent of its election to extend the Existing Lenders, such Stated Maturity Date shall not be deemed extended and such Borrowers shall not be permitted to have elected to extend the Existing Maturity Date with respect to its Commitment (submit any Lender who timely notifies the Borrowers subsequent Extension Requests. If Administrative Agent and the Administrative Agent of an election not Lenders consent to extend or fails to timely notify the applicable Borrowers’ initial Extension Request, such Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionmay submit no more than one (1) subsequent Extension Request.

Appears in 2 contracts

Samples: Revolving Credit and Security Agreement (Golub Capital BDC 3, Inc.), Revolving Credit and Security Agreement (Golub Capital BDC 3, Inc.)

Extension of Maturity Date. The Borrower may, by delivering an Extension Request to the Administrative Agent (awho shall promptly deliver a copy to each of the Lenders), not less than 30 days (but not more than 60 days) On in advance of any anniversary of the Closing Effective Date prior to (each such anniversary date following an Extension Request, an “Extension Date”), request that the Maturity Date, the Borrowers may request to Lenders extend the then-applicable Revolving Credit Maturity Date in effect at such time (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the first anniversary of such Existing Maturity Date (the “Requested Maturity Date”); provided that after giving effect to such extension, the Borrowers may extend the Revolving Credit Maturity Date for a maximum two (2) such Extension Periods. The Borrowers so extended may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less be later than 30 days and not more than 90 days prior to any fifth anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension PeriodDate. Each Lender, acting in its sole discretion, shall, by written notice to the Administrative Agent given not later than the date that is the 20th day after the date of the Extension Request, or if such date is not a date 30 days after its receipt of any such notice from Business Day, the Administrative Agentimmediately following Business Day (the “Response Date”), notify the Borrowers and advise the Administrative Agent in writing of its election to extend whether or not such Lender agrees to the requested extension. Each Lender that advises the Administrative Agent that it will not extend the Existing Maturity Date with respect is referred to its Commitment. Any herein as a “Non-extending Lender”; provided, that any Lender which shall that does not timely notify the Borrowers and advise the Administrative Agent of its election consent to extend such requested extension by the Existing Maturity Response Date and any Lender that is a Defaulting Lender on the Response Date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the be a Non-extending Lender. The Administrative Agent of an election not to extend or fails to timely shall notify the Borrowers and Borrower, in writing, of the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, ’ elections promptly following the “Terminating Lenders”)Response Date. The election of any Lender to agree to a requested such an extension shall not obligate any other Lender to agree so agree. The Revolving Credit Maturity Date may be extended no more than two times pursuant to such requested extensionthis Section 2.25.

Appears in 2 contracts

Samples: Credit Agreement (Huntington Ingalls Industries, Inc.), Credit Agreement (Huntington Ingalls Industries, Inc.)

Extension of Maturity Date. (a) On any anniversary The Borrower shall have the right once each calendar year to request one-year extensions of the Closing Maturity Date prior of the Revolving Loans and/or the Term Loans, respectively (or such later respective dates to which the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”may be extended as provided herein); , provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have has occurred and be continuing on the date of is then continuing. The Borrower shall request such extension by written notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and to the Administrative Agent in writing delivered (a) no earlier than thirty (30) days prior to the first anniversary of its election the Effective Date and (b) no later than thirty (30) days prior to extend or not the original Maturity Date (or, as applicable, the extended Maturity Date) of the applicable Loans; provided that such notice is delivered no earlier than sixty (60) days prior to the original Maturity Date (or, as applicable, the extended Maturity Date) of the applicable Loans. Each request to extend the Existing Maturity Date with respect to its Commitment. Any Lender which of the Revolving Loans shall not timely notify require the Borrowers consent of Lenders having Revolving Loans representing more than 50% of the sum of the then aggregate outstanding principal amount of the Revolving Loans and unused Revolving Commitments; provided that the Revolving Commitment of, and the Administrative Agent portion of its election the total Revolving Loans held or deemed held by, any Defaulting Lender shall be excluded for the purposes of making a determination of the requisite Lenders having Revolving Loans and unused Revolving Commitments. Each request to extend the Existing Maturity Date of the Term Loans shall require the consent of Lenders having Term Loans representing more than 50% of the then aggregate outstanding principal amount of the Term Loans; provided that the portion of the total Term Loans held or deemed held by any Defaulting Lender shall be deemed excluded for the purposes of making a determination of the requisite Lenders having Term Loans. No Lender of Revolving Loans shall have any obligation to consent to an extension of the Maturity Date of the Revolving Loans and, if any Lender or Lenders of Revolving Loans do not consent to such an extension, the Revolving Commitments of such non-consenting Lender or Lenders shall terminate, and their Revolving Loans shall be due, in each case, on the then effective Maturity Date of the Revolving Loans without giving effect to such extension. No Lender of Term Loans shall have elected any obligation to consent to an extension of the Maturity Date of the Term Loans and, if any Lender or Lenders of Term Loans do not consent to such an extension, their Term Loans shall be due on the then effective Maturity Date of the Term Loans without giving effect to such extension. If any Lender does not consent to a request to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectivelyDate, the “Terminating Lenders”). The election Borrower may, at its own expense, replace such non-consenting Lender pursuant to the provisions of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionSection 2.19.

Appears in 2 contracts

Samples: Credit Agreement, Credit Agreement (Plains Gp Holdings Lp)

Extension of Maturity Date. (a) On any anniversary Borrower may request an extension of the Closing Date prior to the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Date (the “Existing Maturity Date”) by submitting a request for an additional one-year period extension to Lender (an “Extension PeriodRequest”) no more than sixty (60) days prior to the current Maturity Date. The Extension Request must specify the new Maturity Date requested by Borrower and the date that is one year (which must be at least thirty (30) days after the Existing Maturity Date (Extension Request is delivered to Lender) as of which Lender must respond to the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) Request (the “Extension of Date”). The new Maturity Date Request”) to the Administrative Agent not less than 30 days and not shall be no more than 90 364 days prior to any anniversary after the Maturity Date in effect at the time the Extension Request is received, including such Maturity Date as one of the Closing days in the calculation of the days elapsed. Promptly upon receipt of an Extension Request, Lender shall endeavor in good faith to notify the Other Banks (as hereinafter defined) of the contents thereof (provided it shall not be liable to Borrower, the Other Banks, or any other Person for its failure to do so). If Lender fails to respond to an Extension Request by the Extension Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents Lender shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated deemed to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on denied the date of such notice and as of the commencement date of the relevant Extension PeriodRequest. Each If Lender, acting in its sole discretion, shalldecides to approve the Extension Request, not Lender shall deliver its written consent to Borrower, and endeavor in good faith to notify the Other Banks of such extension no later than a date 30 days after the Extension Date (provided it shall not be liable to Borrower, the Other Banks, or any other Person for its receipt failure to do so). If and only if the consent of any such notice from each of the Administrative Agent, notify Other Banks to the Borrowers and the Administrative Agent in writing of its election to extend or not to extend the Existing same new Maturity Date with respect to its Commitment. Any is received by Borrower and Lender which shall not timely notify on or before the Borrowers and Extension Date, the Administrative Agent of its election to extend the Existing Maturity Date specified in the Extension Request shall be deemed not to have elected to extend become effective at the Existing expiration of the existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionDate.

Appears in 2 contracts

Samples: Revolving Credit Agreement (First Community Bancorp /Ca/), Revolving Credit Agreement (First Community Bancorp /Ca/)

Extension of Maturity Date. (a) On any anniversary of the Closing Date prior to the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods (it is understood and agreed that the Borrowers have, as of the Restatement Effective Date, previously implemented one (1) of the maximum two (2) such Extension Periods). The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to extend the Existing Maturity Date with respect to its Commitment. Any Lender which shall not timely notify the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extension.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Dominion Resources Inc /Va/), Revolving Credit Agreement (Dominion Resources Inc /Va/)

Extension of Maturity Date. (a) On any anniversary The Company may, by delivering an Extension Request to the Administrative Agent (who shall promptly deliver a copy to each of the Closing Date prior to Lenders), not less than 60 days in advance of the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Date with respect to any Facility, as in effect at such time (the an “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to such Facility, request that the date that is one year after the Lenders extend such Existing Maturity Date (each, an “Extension”) to any date that it shall select so long as such date is no more than the fifth anniversary of such Existing Maturity Date (such date, the “Requested Extended Maturity Date”; any Term Facility so extended, an “Extended Term Facility,” any Revolving Credit Facility so extended, an “Extended Revolving Credit Facility” and, together with any Extended Term Facility, an “Extended Facility”; and any Revolving Credit Commitments so extended, “Extended Revolving Credit Commitments”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, by written notice to the Administrative Agent given not later than the date that is the 20th day after the date of the Extension Request, or if such date is not a date 30 days after its receipt of any such notice from Business Day, the Administrative Agentimmediately following Business Day (the “Response Date”), notify the Borrowers and advise the Administrative Agent in writing of its election to extend whether or not such Lender agrees to the requested extension. Each Lender that advises the Administrative Agent that it will not extend the an Existing Maturity Date with respect is referred to its Commitment. Any herein as a “Non-Extending Lender”; provided, that any Lender which shall that does not timely notify the Borrowers and advise the Administrative Agent of its election consent to extend such requested extension by the Existing Maturity Response Date and any Lender that is a Defaulting Lender on the Response Date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the be a Non-Extending Lender. The Administrative Agent of an election not to extend or fails to timely shall notify the Borrowers and Company, in writing, of the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, ’ elections promptly following the “Terminating Lenders”)Response Date. The election of any Lender to agree to a requested extension such an Extension shall not obligate any other Lender to agree so agree. Each applicable Maturity Date may be extended no more than two times pursuant to such requested extensionthis Section 2.17.

Appears in 2 contracts

Samples: Credit Agreement (Madison Square Garden Entertainment Corp.), Credit Agreement (MSG Networks Inc.)

Extension of Maturity Date. (a) On any After the first anniversary of the Closing Effective Date, the Borrower may, on two occasions during the term of this Agreement (but not more frequently than once in any consecutive twelve- month period), request an extension of the Maturity Date for an additional one-year period by submitting a request for extension (an “Extension Request”) to the Administrative Agent (which shall promptly advise each Lender) not more than 75 days or less than 30 days prior to the Maturity effective date of the proposed extension (the “Extension Effective Date”). In response to such request, each Lender shall, not later than 20 days prior to the applicable Extension Effective Date, notify the Borrowers may request Administrative Agent whether it is willing (in its sole and complete discretion) to extend the then-applicable scheduled Maturity Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) and any Lender that fails to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) give such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent shall be deemed to have elected not less to extend the scheduled Maturity Date). The Administrative Agent will notify the Borrower of the Lenders’ decisions no later than 30 days and not more than 90 15 days prior to any anniversary such Extension Effective Date. If Lenders holding more than 50% of the Closing Commitments elect to extend the scheduled Maturity Date, so long as then on such Extension Effective Date the Commitments of such Lenders shall be extended for an additional one-year period; provided that (i) each of the no Default exists on such Extension Effective Date and (ii) all representations and warranties contained in Section 7 and in the other Credit Documents shall be are true and correct in all material respects on and such Extension Effective Date, as though made as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date Effective Date (or, if any such representation and or warranty is expressly stated to have been made as of a specific date, as of such specific date). No Lender shall be required to consent to any Extension Request and any Lender that elects, or is deemed to have elected, not to extend the scheduled Maturity Date (a “Declining Lender”) and (ii) no Default or Event of Default shall will have occurred and be continuing its Commitment terminated on the date of such notice and as of the commencement date of the relevant Extension Periodthen existing scheduled Maturity Date (without regard to any extension by other Lenders). Each LenderThe Borrower may, acting in at its sole discretionexpense and effort, shall, not later than a date 30 days after its receipt of upon notice to any such notice from Declining Lender and the Administrative Agent, notify require any Declining Lender to assign and delegate its rights and obligations under this Agreement to an Eligible Assignee selected by the Borrowers Borrower and the Administrative Agent willing to accept such assignment (in writing of its election to extend or not to extend the Existing Maturity Date with respect to its Commitment. Any Lender which shall not timely notify the Borrowers accordance with, and the Administrative Agent of its election to extend the Existing Maturity Date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectivelysubject to, the “Terminating Lenders”restrictions and consents otherwise required for assignments generally). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extension.

Appears in 2 contracts

Samples: Credit Agreement (Allete Inc), Credit Agreement (Allete Inc)

Extension of Maturity Date. (a) On any anniversary The Borrower may, by delivery of a Maturity Date Extension Request to the Administrative Agent (which shall promptly deliver a copy thereof to each of the Closing Date Lenders) not less than 30 days prior to the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Date then existing maturity date for Commitments hereunder (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided , request that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to Lenders extend the Existing Maturity Date in accordance with this Section; provided that the Borrower may not make more than two Maturity Date Extension Requests during the term of this Agreement. Each Maturity Date Extension Request shall (i) specify the date to which the Maturity Date is sought to be extended; provided that such date is no more than one calendar year from the then scheduled Maturity Date, (ii) specify the changes, if any, to the Applicable Margin to be applied in determining the interest payable on Loans of, and fees payable hereunder to, Consenting Lenders (as defined below) in respect of that portion of their Commitments (and related Loans) extended to such new Maturity Date and the time as of which such changes will become effective (which may be prior to the Existing Maturity Date), and (iii) specify any other amendments or modifications to this Agreement to be effected in connection with such Maturity Date Extension Request, provided that no such changes or modifications requiring approvals pursuant to Section 10.2(b) shall become effective prior to the then existing Maturity Date unless such other approvals have been obtained. In the event a Maturity Date Extension Request shall have been delivered by the Borrower, each Lender shall have the right to agree or not agree to the extension of the Existing Maturity Date and other matters contemplated thereby on the terms and subject to the conditions set forth therein (each Lender agreeing to the Maturity Date Extension Request being referred to herein as a “Consenting Lender” and each Lender not agreeing thereto being referred to herein as a “ Declining Lender”), which right may be exercised by written notice thereof, specifying the maximum amount of the Commitment of such Lender with respect to its Commitment. Any which such Lender which shall agrees to the extension of the Maturity Date, delivered to the Borrower (with a copy to the Administrative Agent) not timely notify later than a day to be agreed upon by the Borrowers Borrower and the Administrative Agent following the date on which the Maturity Date Extension Request shall have been delivered by the Borrower (it being understood that any Lender that shall have failed to exercise such right as set forth above shall be deemed to be a Declining Lender). If a Lender elects to extend only a portion of its election then existing Commitment, it will be deemed for purposes hereof to extend be a Consenting Lender in respect of such extended portion and a Declining Lender in respect of the remaining portion of its Commitment. If Consenting Lenders shall have agreed to such Maturity Date Extension Request in respect of Commitments held by them, then, subject to paragraph (d) of this Section, on the date specified in the Maturity Date Extension Request as the effective date thereof (the “Extension Effective Date”), (i) the Existing Maturity Date of the applicable Commitments shall, as to the Consenting Lenders, be extended to such date as shall be specified therein, (ii) the terms and conditions of the Commitments of the Consenting Lenders (including interest and fees payable in respect thereof), shall be modified as set forth in the Maturity Date Extension Request and (iii) such other modifications and amendments hereto specified in the Maturity Date Extension Request shall (subject to any required approvals (including those of the Required Lenders having been obtained), except that any such other modifications and amendments that do not take effect until the Existing Maturity Date shall be deemed not to have elected to extend require the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election consent of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionthan the Required Lenders and the Consenting Lenders) become effective.

Appears in 2 contracts

Samples: Counterpart Agreement (Fitbit Inc), Assignment and Assumption (Fitbit Inc)

Extension of Maturity Date. (a) On any anniversary The Borrower may, by delivery of a Maturity Date Extension Request to the Administrative Agent (which shall promptly deliver a copy thereof to each of the Closing Date Lenders) not less than 30 days prior to the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Date then existing maturity date for Commitments hereunder (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided , request that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to Lenders extend the Existing Maturity Date in accordance with this Section 2.21. Each Maturity Date Extension Request shall (i) specify the date to which the Maturity Date is sought to be extended, (ii) specify the changes, if any, to the Applicable Rate to be applied in determining the interest payable on Revolving Loans of, and fees payable hereunder to, Consenting Lenders in respect of that portion of their Commitments (and related Revolving Loans) extended to such new Maturity Date and the time as of which such changes will become effective (which may be prior to the Existing Maturity Date), and (iii) specify any other amendments or modifications to this Agreement to be effected in connection with such Maturity Date Extension Request; provided that no such changes or modifications requiring approvals pursuant to Section 9.02(b) shall become effective prior to the then existing Maturity Date unless such other approvals have been obtained. In the event a Maturity Date Extension Request shall have been delivered by the Borrower, each Lender shall have the right to agree to the extension of the Existing Maturity Date and other matters contemplated thereby on the terms and subject to the conditions set forth therein (each Lender agreeing to the Maturity Date Extension Request being referred to herein as a “Consenting Lender” and each Lender not agreeing thereto being referred to herein as a “Declining Lender”), which right may be exercised by written notice thereof, specifying the maximum amount of the Commitment of such Lender with respect to its Commitment. Any which such Lender which shall agrees to the extension of the Maturity Date, delivered to the Borrower (with a copy to the Administrative Agent) not timely notify later than a day to be agreed upon by the Borrowers Borrower and the Administrative Agent following the date on which the Maturity Date Extension Request shall have been delivered by the Borrower (it being understood that any Lender that shall have failed to exercise such right as set forth above shall be deemed to be a Declining Lender). If a Lender elects to extend only a portion of its election then existing Commitment, it will be deemed for purposes hereof to extend be a Consenting Lender in respect of such extended portion and a Declining Lender in respect of the remaining portion of its Commitment. If Consenting Lenders shall have agreed to such Maturity Date Extension Request in respect of Commitments held by them, then, subject to paragraph (d) of this Section, on the date specified in the Maturity Date Extension Request as the effective date thereof (the “Extension Effective Date”), (i) the Existing Maturity Date of the applicable Commitments shall, as to the Consenting Lenders, be extended to such date as shall be deemed not to have elected to extend specified therein, (ii) the Existing terms and conditions of the Commitments of the Consenting Lenders (including interest and fees (including Letter of Credit fees) payable in respect thereof), shall be modified as set forth in the Maturity Date with respect Extension Request and (iii) such other modifications and amendments hereto specified in the Maturity Date Extension Request shall (subject to its Commitment any required approvals (any Lender who timely notifies including those of the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Required Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extension) having been obtained) become effective.

Appears in 2 contracts

Samples: Credit Agreement (NEWMONT Corp /DE/), Credit Agreement (Newmont Mining Corp /De/)

Extension of Maturity Date. The Borrower may, upon not less than 30 days’ (abut not more than 45 days’) On any notice prior to each anniversary of the Closing Restatement Date prior from and after the second anniversary of the Restatement Date (each such anniversary, “Current Anniversary Date”) to the Maturity DateAdministrative Agent (which shall notify each Lender of receipt of such request), the Borrowers may request propose to extend the then-applicable Maturity Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend measured from the Maturity Date for a maximum two then in effect. Each Lender shall endeavor to respond to such request, whether affirmatively or negatively (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially determination to be in the form attached hereto as Exhibit 2.8(a) (the “Extension sole discretion of Maturity Date Request”) such Lender), by notice to the Administrative Agent in writing not less than 30 20 days and (but not more than 90 30 days) prior to the Current Anniversary Date. The Administrative Agent shall, upon not less than 15 days’ notice prior to the Current Anniversary Date, notify the Borrower in writing of the Lenders’ decisions. No Maturity Date of any Lender shall be extended unless (i) by the date 20 days prior to any anniversary the Maturity Date then in effect Banks having at least 50% in aggregate amount of the Closing Date, Commitments in effect at the time any such extension is requested shall have elected so long to extend their Commitments and (ii) the Administrative Agent shall have received a certificate signed by a Designated Officer dated as (i) each of such extension date in form and substance satisfactory to the Administrative Agent stating that the representations and warranties contained in Section 7 Article V and in the other Credit Loan Documents shall be are true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such specific earlier date, and except that for purposes of this Section 2.12, the representations and warranties contained in Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (iib) of Section 6.01 and the representations and warranties contained in Section 5.06 shall be deemed to refer to the most recent financial statements furnished pursuant to subsection (b) of Section 6.01, and that no Default or Event of Default shall have has occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to extend the Existing Maturity Date with respect to its Commitmentis continuing. Any Lender which shall does not timely notify the Borrowers and give such notice to the Administrative Agent of its election by the date 20 days prior to the Maturity Date then in effect shall be deemed to have elected not to extend as requested, and the Existing Commitment of each non-extending Lender shall terminate on its Maturity Date shall be determined without giving effect to such requested extension. If any Lender does not consent to a request for an extension of the Maturity Date, or is deemed not to have elected consented to extend the Existing requested extension (each, a “Declining Lender”), and the Maturity Date with respect to its Commitment has been extended for the other Lender(s) (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Extending Lenders”). The election , the Borrower may, prior to the end of any the Current Anniversary Date, replace such Declining Lender in accordance with Section 10.13 with one or more Eligible Assignees or increase the Commitment of an Extending Lender, in an amount equal to agree the amount of the Commitments of the Declining Lenders, provided that, as provided in Section 2.13, the Extending Lenders shall have the right to a requested extension shall not obligate increase their Commitments ratably up to the amount of the Declining Lenders’ Commitments before the Borrower will be permitted to substitute any other Lender to agree to such requested extensionfinancial institution for the Declining Lenders.

Appears in 2 contracts

Samples: Assignment and Assumption (Avery Dennison Corp), Credit Agreement (Avery Dennison Corp)

Extension of Maturity Date. (a) On any anniversary The Borrower may, by delivery of a Maturity Date Extension Request to the Administrative Agent (which shall promptly deliver a copy thereof to each of the Closing Date Lenders) not less than 30 days prior to the Maturity Date, the Borrowers may request to extend the then-applicable then existing Maturity Date for the applicable Class of Commitments and/or Loans hereunder to be extended (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided , request that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to Lenders extend the Existing Maturity Date in accordance with this Section. Each Maturity Date Extension Request shall (i) specify the applicable Class of Commitments and/or Loans hereunder to be extended, (ii) specify the date to which the applicable Maturity Date is sought to be extended, (iii) specify the changes, if any, to the Applicable Rate to be applied in determining the interest payable on the Loans of, and fees payable hereunder to, Consenting Lenders (as defined below) in respect of that portion of their Commitments and/or Loans extended to such new Maturity Date and the time as of which such changes will become effective (which may be prior to the Existing Maturity Date) and (iv) specify any other amendments or modifications to this Agreement to be effected in connection with such Maturity Date Extension Request; provided that no such changes or modifications requiring approvals pursuant to the provisos to Section 9.02(b) shall become effective prior to the then Existing Maturity Date unless such other approvals have been obtained. In the event a Maturity Date Extension Request shall have been delivered by the Borrower, each Lender shall have the right to agree to the extension of the Existing Maturity Date and other matters contemplated thereby on the terms and subject to the conditions set forth therein (each Lender agreeing to the Maturity Date Extension Request being referred to herein as a “Consenting Lender” and each Lender not agreeing thereto being referred to herein as a “Declining Lender”), which right may be exercised by written notice thereof, specifying the maximum amount of the Commitment and/or Loans of such Lender with respect to its Commitment. Any which such Lender which shall agrees to the extension of the Maturity Date, delivered to the Borrower (with a copy to the Administrative Agent) not timely notify later than a day to be agreed upon by the Borrowers Borrower and the Administrative Agent following the date on which the Maturity Date Extension Request shall have been delivered by the Borrower (it being understood and agreed that any Lender that shall have failed to exercise such right as set forth above shall be deemed to be a Declining Lender). If a Lender elects to extend only a portion of its election then existing Commitment and/or Loans, it will be deemed for purposes hereof to extend be a Consenting Lender in respect of such extended portion and a Declining Lender in respect of the remaining portion of its Commitment and/or Loans, and the aggregate principal amount of each Type and currency of Loans of the applicable Class of such Lender shall be allocated ratably among the extended and non-extended portions of the Loans of such Lender based on the aggregate principal amount of such Loans so extended and not extended. If Consenting Lenders shall have agreed to such Maturity Date Extension Request in respect of Commitments and/or Loans held by them, then, subject to paragraph (d) of this Section, on the date specified in the Maturity Date Extension Request as the effective date thereof (the “Extension Effective Date”), (i) the Existing Maturity Date of the applicable Commitments and/or Loans shall, as to the Consenting Lenders, be extended to such date as shall be deemed not to have elected to extend specified therein, (ii) the Existing terms and conditions of the applicable Commitments and/or Loans of the Consenting Lenders (including interest and fees (including Letter of Credit fees) payable in respect thereof) shall be modified as set forth in the Maturity Date with respect Extension Request and (iii) such other modifications and amendments hereto specified in the Maturity Date Extension Request shall (subject to its Commitment any required approvals (any Lender who timely notifies including those of the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Required Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extension) having been obtained) become effective.

Appears in 2 contracts

Samples: Credit Agreement (Chemours Co), Credit Agreement (Chemours Co)

Extension of Maturity Date. (a) On any anniversary The Borrower may, by delivery of a Maturity Date Extension Request to the Administrative Agent (which shall promptly deliver a copy thereof to each of the Closing Date Lenders) not less than 30 days prior to the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Date then existing maturity date for Commitments hereunder (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided , request that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to Lenders extend the Existing Maturity Date in accordance with this Section 2.21. Each Maturity Date Extension Request shall (i) specify the date to which the Maturity Date is sought to be extended, (ii) specify the changes, if any, to the Applicable Rate to be applied in determining the interest payable on Revolving Loans of, and fees payable hereunder to, Consenting Lenders in respect of that portion of their Commitments (and related Revolving Loans) extended to such new Maturity Date and the time as of which such changes will become effective (which may be prior to the Existing Maturity Date), and (iii) specify any other amendments or modifications to this Agreement to be effected in connection with such Maturity Date Extension Request, provided that no such changes or modifications requiring approvals pursuant to Section 9.02(b) shall become effective prior to the then existing Maturity Date unless such other approvals have been obtained. In the event a Maturity Date Extension Request shall have been delivered by the Borrower, each Lender shall have the right to agree to the extension of the Existing Maturity Date and other matters contemplated thereby on the terms and subject to the conditions set forth therein (each Lender agreeing to the Maturity Date Extension Request being referred to herein as a “Consenting Lender” and each Lender not agreeing thereto being referred to herein as a “Declining Lender”), which right may be exercised by written notice thereof, specifying the maximum amount of the Commitment of such Lender with respect to its Commitment. Any which such Lender which shall agrees to the extension of the Maturity Date, delivered to the Borrower (with a copy to the Administrative Agent) not timely notify later than a day to be agreed upon by the Borrowers Borrower and the Administrative Agent following the date on which the Maturity Date Extension Request shall have been delivered by the Borrower (it being understood that any Lender that shall have failed to exercise such right as set forth above shall be deemed to be a Declining Lender). If a Lender elects to extend only a portion of its election then existing Commitment, it will be deemed for purposes hereof to extend be a Consenting Lender in respect of such extended portion and a Declining Lender in respect of the remaining portion of its Commitment. If Consenting Lenders shall have agreed to such Maturity Date Extension Request in respect of Commitments held by them, then, subject to paragraph (d) of this Section, on the date specified in the Maturity Date Extension Request as the effective date thereof (the “Extension Effective Date”), (i) the Existing Maturity Date of the applicable Commitments shall, as to the Consenting Lenders, be extended to such date as shall be deemed not to have elected to extend specified therein, (ii) the Existing terms and conditions of the Commitments of the Consenting Lenders (including interest and fees (including Letter of Credit fees) payable in respect thereof), shall be modified as set forth in the Maturity Date with respect Extension Request and (iii) such other modifications and amendments hereto specified in the Maturity Date Extension Request shall (subject to its Commitment any required approvals (any Lender who timely notifies including those of the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Required Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extension) having been obtained) become effective.

Appears in 2 contracts

Samples: Credit Agreement (Newmont Mining Corp /De/), Credit Agreement (Newmont Mining Corp /De/)

Extension of Maturity Date. At least sixty (a60) On any anniversary of the Closing Date days prior to the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any first anniversary of the Closing Date, so long as (i) the Borrower may, by notice to Agent, request that Agent and each Lender review whether or not it is willing to extend the Maturity Date. In the event and to the extent that the Agent and all of the representations Required Lenders agree, in their respective sole and warranties contained in Section 7 absolute discretion, to extend the Maturity Date on such terms and in the other Credit Documents conditions as shall be true acceptable to the Agent and correct in all material respects on and as of the date of Required Lenders, in their respective sole and absolute discretion, then the Agent shall so advise the Borrower. If the terms and conditions to such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (orextension are acceptable to Borrower, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole and absolute discretion, shall, not later than a date 30 days after its receipt of any then the Borrower shall so notify the Agent within the time period set forth in such notice from to the Administrative AgentBorrower and, notify provided that all of the Borrowers and conditions to the Administrative Agent effectiveness of such extension as set forth in writing of its election such notice to extend or not to extend the Existing Maturity Date with respect to its Commitment. Any Lender which shall not timely notify Borrower are satisfied, the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date shall be deemed not extended pursuant to such terms and conditions and the provisions of this Section. Notwithstanding the foregoing or anything else to the contrary, the Agent and each Lender shall have elected the right to refuse to extend the Existing Maturity Date with respect for any reason or for no reason whatsoever. If the Maturity Date is extended pursuant to its Commitment (any Lender who timely notifies this Section but less than all of the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to Lenders agree to such requested extension, then either (i) the Commitment, for all purposes during the period of such extension, shall be equal to the product of the Commitment times the aggregate Percentage of the Lenders agreeing to such extension, or (ii) the Borrower shall be entitled to require each Lender which does not agree to such extension to assign its Credit Exposure at par to any Person selected by Borrower that is a financial institution reasonably acceptable to the Agent, which assignment shall be effected pursuant to Section 7.18 hereof.

Appears in 2 contracts

Samples: Credit Agreement (Homestead Village Inc), Credit Agreement (Homestead Village Inc)

Extension of Maturity Date. (a) On any The Borrower may extend the Maturity Date with respect to the Revolving Facility for additional periods of eighteen months (a “Maturity Date Extension”) by providing written notice of such request to the Administrative Agent not more than 90 days and not less than 30 days prior to the Maturity Date then in effect (such anniversary of the Closing Date prior to the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make Administrative Agent shall promptly notify each Lender of such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Dateeach Lender shall then, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers Borrower and the Administrative Agent in writing within 10 Business Days after such request whether such Lender will consent to the extension (each such Lender consenting to the applicable extension, a “Consenting Lender”). The failure of its election any Lender to extend or not to extend the Existing Maturity Date with respect to its Commitment. Any Lender which shall not timely notify the Borrowers Borrower and the Administrative Agent of its election intent to extend the Existing Maturity Date consent to an extension shall be deemed not a rejection by such Lender, as applicable. Such extension shall be effective as to have elected Consenting Lenders under the Revolving Facility consenting to extend such extension if the Existing Required Lenders approve such Maturity Date with respect Extension; provided, that at the existing Maturity Date in effect prior to its Commitment such Maturity Date Extension, (any 1) the commitments of Lenders that did not consent to such Maturity Date Extension (each such Lender who timely notifies not consenting to the Borrowers extension, a “Declining Lender”) will be terminated and the Administrative Agent Loans of an election such Lenders will be repaid (it being understood that the commitments of the Declining Lenders not consenting to extend or fails such extension will remain in effect until the Maturity Date originally applicable to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders) and (2) the Borrower shall make such additional prepayments as shall be necessary in order that the Loans hereunder immediately after such existing Maturity Date will not exceed, collectivelyrespectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionAggregate Commitment.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Walgreens Boots Alliance, Inc.), Revolving Credit Agreement (Walgreens Boots Alliance, Inc.)

Extension of Maturity Date. (a) On any anniversary Each Revolving Credit Lender’s Commitment may be extended, if at the time (i) the conditions specified in Section 4.02 are met and (ii) the representations and warranties contained in Sections 5.05(b) and 5.06 are true and correct in all material respects, in the manner set forth in this Section 2.18, on not more than two occasions, for a period of the Closing Date prior to the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (date on which the “Requested Maturity Date”); provided Revolving Credit Commitment of such Revolving Credit Lender would have been terminated. If the Company wishes to request an extension of each Revolving Credit Lender’s Revolving Credit Commitment, it shall give notice to that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) effect to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary the date that the Company desires that such extension take effect (the “Extension Date”, which Extension Date shall not be earlier than the date that is four years prior to the then applicable Maturity Date of the Closing DateRevolving Credit Commitments, so long as (i) such that, for the avoidance of doubt, the remaining term of the Revolving Credit Commitments after giving effect to such extension shall in no event exceed five years at any time), whereupon the Administrative Agent shall promptly notify each of the representations and warranties contained in Section 7 and in the other Revolving Credit Documents shall be true and correct in all material respects on and as of the date Lenders of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any request. Each Revolving Credit Lender wishing to extend shall respond affirmatively to such representation and warranty is expressly stated to have been made as of a specific date, as request within 15 days of such specific date) and request (ii) no Default or Event of Default shall have occurred and be continuing on such longer period as the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers Company and the Administrative Agent in writing of its election may reasonably agree) to the Administrative Agent. If any Revolving Credit Lender shall not have responded affirmatively within such 15-day period (or such longer period, if applicable), such Revolving Credit Lender shall be deemed to have rejected the Company’s proposal to extend or not its Revolving Credit Commitment, and only the Revolving Credit Commitments of those Revolving Credit Lenders which have responded affirmatively shall be extended, subject to extend the Existing Maturity Date with respect to its Commitment. Any Lender which shall not timely notify the Borrowers and receipt by the Administrative Agent of its election counterparts of an extension agreement in form reasonably satisfactory to extend the Existing Maturity Date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of and the Company (an election not to extend or fails to timely notify “Extension Agreement”), duly completed and signed by the Borrowers and Company, the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, of the “Terminating Lenders”)Revolving Credit Lenders which have responded affirmatively. The election Administrative Agent shall provide to the Company, no later than 10 days prior to the Extension Date for any such request, a list of the Revolving Credit Lenders which have responded affirmatively. The Extension Agreement shall be executed and delivered no later than five days prior to the Extension Date, and no extension of the Revolving Credit Commitments pursuant to this Section 2.18 shall be legally binding on any Lender to agree to a requested extension shall not obligate any other Lender to agree to party hereto unless and until such requested extensionExtension Agreement is so executed and delivered by Revolving Credit Lenders having at least 51% of the aggregate amount of the Revolving Credit Commitments.

Appears in 2 contracts

Samples: Credit Agreement (Fidelity National Information Services, Inc.), Credit Agreement (Fidelity National Information Services, Inc.)

Extension of Maturity Date. (a) On At any anniversary of time following the Closing Date date which is 60 days prior to the then current Maturity Date, the Maturity Date may be extended for 364 days at Borrower's and the Co-Borrowers' election with the written consent of all of the Banks (which may be withheld in the sole and absolute discretion of each Bank). Not earlier than 60 days prior to the then current Maturity Date, and provided that Borrower and the Co-Borrowers are then in compliance with Section 7.1, Borrower and the Co-Borrowers may request to extend the then-applicable Maturity Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) deliver to the Administrative Agent not less than 30 days and not more than 90 days prior who will deliver to any anniversary each of the Closing Date, so long as (i) each Banks a written request for a 364-day extension of the Maturity Date together with a Certificate of a Responsible Official signed by a Senior Officer on behalf of Borrower and the Co-Borrowers stating that the representations and warranties contained in Section 7 Article 4 (other than representations and in the other Credit Documents shall be warranties which expressly speak as of a particular date or are no longer true and correct in all material respects as a result of a change which is not a violation of this Agreement) are true and correct on and as of the date of such notice Certificate. Within 30 days following the delivery of such Certificate, but in any event not sooner than 45 nor later than 15 days prior to the then current Maturity Date, each Bank shall notify the Administrative Agent whether (in its sole and absolute discretion) it consents to such request. Each Bank which fails to respond to any such request for extension shall be deemed to have refused to consent thereto. After receiving the notifications from all of the Banks or the expiration of such period, whichever is earlier, the Administrative Agent shall notify Borrower, the Co-Borrower and the Banks of the results thereof. If all of the Banks have consented to the extension then the Maturity Date shall be extended for 364 days, effective as of the commencement date then current Maturity Date. If Banks holding at least 662/3% of the relevant Extension Period as if made on and as of Commitment consent to the request for extension, but other Banks (each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date"Non-Consenting Bank") and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from notify the Administrative Agent, Agent that they will not consent to the request for extension (or fail to notify the Borrowers and the Administrative Agent in writing of its election their consent to extend the extension), Borrower and the Co-Borrowers may cause all of the Non-Consenting Banks to be removed as Banks under this Agreement pursuant to Section 11.26, provided that such removal shall be accomplished by assignment to one or more Eligible Assignees which are willing to consent to the request for extension and not to extend by reduction of the Existing Maturity Date with respect to its amount of Commitment. Any Lender which shall not timely notify In the Borrowers and event that sufficient Eligible Assignees can be identified to assume the Administrative Agent Pro Rata Shares of its election to extend the Existing Maturity Date Non-Consenting Banks, then the request for extension shall be deemed not to have elected to extend granted with the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to effect as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionset forth above.

Appears in 2 contracts

Samples: Day Loan Agreement (MGM Mirage), Day Loan Agreement (MGM Mirage)

Extension of Maturity Date. (a) On any anniversary of After the Closing Date prior to the Maturity Separation Date, the Borrowers may request to extend the then-applicable Borrower may, by delivery of a Maturity Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) Request to the Administrative Agent (which shall promptly deliver a copy to each of the Lenders) not less than 30 45 days and not more than 90 75 days prior to any anniversary of the Closing Availability Date, so long as (i) each request that the Lenders extend the Maturity Date for an additional period of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Periodone year. Each Lender, acting in its sole discretion, Lender shall, not later than a date 30 days after its receipt of any such by notice from to the Administrative Agent, notify the Borrowers Borrower and the Administrative Agent in writing given not later than the 20th day after the date of its election to extend the Administrative Agent’s receipt of the Maturity Date Extension Request from the Borrower, advise the Borrower whether or not it agrees to extend the Existing Maturity Date with respect requested extension (each Lender agreeing to its Commitment. Any Lender which shall not timely notify the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election a requested extension being referred to as called a “Terminating Consenting Lender”, and all such Lenders, collectively, the “Terminating Lenders”). The election of any each Lender declining to agree to a requested extension being called a “Declining Lender”). Any Lender that has not so advised the Borrower and the Administrative Agent by such day shall not obligate any other Lender be deemed to have declined to agree to such extension and shall be a Declining Lender. If Lenders constituting the Required Lenders shall have agreed to a Maturity Date Extension Request, then the Maturity Date shall, as to the Consenting Lenders, be extended to the first anniversary of the Maturity Date theretofore in effect. The decision to agree or withhold agreement to any Maturity Date Extension Request shall be at the sole discretion of each Lender. The Commitment of any Declining Lender shall terminate on the Maturity Date in effect prior to giving effect to any such extension (such Maturity Date being called the “Existing Maturity Date”). The principal amount of any outstanding Loans made by Declining Lenders, together with any accrued interest thereon and any accrued fees and other amounts payable to or for the account of such Declining Lenders hereunder, shall be due and payable on the Existing Maturity Date, and on the Existing Maturity Date the Borrower shall also make such other prepayments of their Loans pursuant to Section 2.11 as shall be required in order that, after giving effect to the termination of the Commitments of, and all payments to, Declining Lenders pursuant to this sentence, the total Credit Exposures would not exceed the total Commitments. Notwithstanding the foregoing provisions of this paragraph, the Borrower shall have the right, pursuant to and in accordance with Section 2.19(b), at any time prior to the Existing Maturity Date, to replace a Declining Lender with a Lender or other financial institution that will agree to the applicable Maturity Date Extension Request, and any such replacement Lender shall for all purposes constitute a Consenting Lender. Notwithstanding the foregoing, (a) the Availability Period and the Maturity Date (without taking into consideration any extension pursuant to this Section 2.09), as such terms are used in reference to any Issuing Bank or any Letters of Credit issued by such Issuing Banks, may not be extended without the prior written consent of such Issuing Bank (it being understood and agreed that, in the event any Issuing Bank shall not have consented to any such extension, (i) such Issuing Bank shall continue to have all the rights and obligations of an Issuing Bank hereunder through the Existing Maturity Date (or the Availability Period determined on the basis thereof, as applicable), and thereafter shall have no obligation to issue, amend, extend or renew any Letter of Credit (but shall, in each case, continue to be entitled to the benefits of Sections 2.05, 2.15, 2.17, 10.03 and 10.09, as applicable, as to Letters of Credit issued prior to such time), and (ii) the Borrower shall cause the LC Exposure attributable to Letters of Credit issued by such Issuing Bank to be zero no later than the day on which such LC Exposure would have been required to have been reduced to zero in accordance with the terms hereof without giving effect to any effectiveness of the extension of the applicable Existing Maturity Date pursuant to this paragraph (and, in any event, no later than the Existing Maturity Date)) and (b) no extension of the Maturity Date pursuant to this paragraph shall become effective unless on the anniversary of the Availability Date that immediately follows the date on which the Borrower delivers the applicable Maturity Date Extension Request, the conditions set forth in Section 4.03 shall be satisfied (with all references in such Section to a Borrowing being deemed to be references to such extension and without giving effect to the parenthetical in Section 4.03(a)) and, if reasonably requested by the Administrative Agent, the Administrative Agent shall have received a certificate to that effect dated such date and executed by a Financial Officer of the Borrower as well as documents consistent with those delivered under Sections 4.01(b) and 4.01(c) as to the corporate power and authority of the Borrower to borrow hereunder after giving effect to such extension.

Appears in 2 contracts

Samples: Credit Agreement (Keysight Technologies, Inc.), Credit Agreement (Agilent Technologies Inc)

Extension of Maturity Date. The Borrower may, by written -------------------------- request to the Agent and the Lenders given not later than one hundred eighty (a180) On any anniversary of the Closing Date days prior to the Maturity Date then in effect (the "Effective Maturity Date, the Borrowers may ") request to extend the then-applicable (an "Extension Request") that such Effective Maturity Date be extended to a date which is twenty-four (24) months after such Effective Maturity Date. No later than the date (the “Existing Maturity "Extension Response Date") for an additional one-year period which is 30 days after such Extension Request has been delivered to each of the Lenders, each Lender will notify the Borrower in writing (an “Extension Period”) with a copy to the date that is one year after the Existing Maturity Date Agent) whether or not it consents to such Extension Request (the “Requested Maturity Date”which consent may be granted or denied by each Lender in its sole discretion and may be conditioned on receipt of such financial information or other documentation as may be specified by such Lender); provided provided, that any Lender that fails to so advise the Borrowers may extend Borrower on or prior to the Extension Response Date shall be deemed to have denied such Extension Request. The extension of the Maturity Date for a maximum two contemplated by an Extension Request shall become effective as of the applicable Effective Maturity Date; provided, that (2i) all of the Lenders shall have consented to such Extension Periods. The Borrowers may make such request in a notice given as herein provided Request; and substantially in the form attached hereto as Exhibit 2.8(a(ii) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (ix) each of the representations and warranties contained made by the Borrower in Section 7 and in or pursuant to the other Credit Loan Documents shall be true and correct in all material respects on and as of each of the date of such notice Extension Request and as of the commencement date of the relevant Extension Period such Effective Maturity Date as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific except to the extent relating to an earlier date) and , (iiy) no Default or Event of Default shall have occurred and be continuing on the date of such notice Extension Request or on such Effective Maturity Date and as (z) on each of the commencement date of the relevant such Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any Request and such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to extend the Existing Effective Maturity Date with respect to its Commitment. Any Lender which shall not timely notify the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectivelyDate, the “Terminating Lenders”). The election Agent shall have received a certificate of any Lender the Borrower as to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionthe matters set forth in clauses (x) and (y) above.

Appears in 2 contracts

Samples: Credit Agreement (Novamed Eyecare Inc), Credit Agreement (Novamed Eyecare Inc)

Extension of Maturity Date. On or before the last Business Day which is six (a6) On any anniversary of the Closing Date months prior to the Maturity Datethree-year anniversary date of this Agreement, the Borrowers may request to extend the then-applicable Maturity Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); Borrower may, provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on continuing, request that the Lenders extend the Maturity Date for one, but only one, additional one-year period. The Borrower shall request such extension by appropriately completing, executing and delivering to the Administrative Agent a written request in the form of Exhibit K (an "Extension Request") and attaching thereto updated Projections of the Borrower and its Subsidiaries for such one-year period. The Borrower understands that this Section 2.01(h) is included in this Agreement for the Borrower’s convenience in requesting an extension and acknowledges that neither the Administrative Agent nor any other Lender has promised (either expressly or implicitly), or has any obligation or commitment, to extend the Maturity Date at any time. The Administrative Agent shall promptly mail to each Lender three (3) copies of the Extension Request received by the Administrative Agent. If a Lender, in its sole and absolute discretion, consents to any Extension Request, such Lender shall evidence such consent by executing and returning two (2) copies of the Extension Request to the Administrative Agent not later than the last Business Day which is five (5) months prior to the Maturity Date. Any failure by any Lender so to execute and return an Extension Request shall be deemed a denial thereof. If the Borrower delivers an Extension Request to the Administrative Agent pursuant to the first sentence of this Section 2.01(h), then not later than the last Business Day which is four (4) months prior to the Maturity Date, the Administrative Agent shall notify the Borrower in writing whether (i) the Administrative Agent has received a copy of the Extension Request executed by each Lender, in which case the definition of "Maturity Date" set forth in Section 1.01 shall be deemed extended for a period of one year as of the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such written notice from the Administrative AgentAgent to the Borrower, notify the Borrowers and or (ii) the Administrative Agent has not received a copy of the Extension Request executed by each Lender, in writing which case such Extension Request shall be deemed denied. The Administrative Agent shall deliver to the Borrower, with each written notice under clause (i) of its election the preceding sentence which notifies the Borrower that the Administrative Agent has received an Extension Request executed by each Lender, a copy of the Extension Request so executed by each Lender. If less than all the Lenders shall agree to extend or not to extend such Extension Request, the Existing Maturity Date extension contemplated in this Section 2.01(h) may nonetheless occur with respect to its Commitment. Any Lender which shall not timely notify the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date consenting Lenders; provided that any such extension shall be deemed conditioned upon (x) payment in full to each Lender not extending (each a "Non-Continuing Lender") of all amounts owing to have elected to extend the Existing Maturity Date such Lender with respect to its Commitment and its Proportionate Share of any outstanding Revolving Loans and L/C Obligations, (y) termination (or assumption) of such Lender’s Commitment, and (z) the exact aggregate amount (the "Deficiency") of then existing Commitments for each Non-Continuing Lender shall be accounted for in any one or any combination of the following: (i) an increase in the Commitment of one or more Lenders party to this Agreement (each such Lender who timely notifies the Borrowers increasing its Commitment, an "Increasing Lender") pursuant to a Commitment Increase Agreement in form and substance satisfactory to the Administrative Agent and its counsel (a "Commitment Increase Agreement") and as more fully described below, (ii) the addition of one or more Assignee Lenders as a party to this Agreement, in each case pursuant to an Assignment Agreement as set forth in Section 8.05(c) and as more fully described below, and/or (iii) the Commitments shall be reduced by an amount equal to that portion of the Deficiency not otherwise accounted for pursuant to clauses (i) or (ii) above, effective as of the Increased Commitment Date (as defined below). The Administrative Agent shall notify the Borrower and each of the Lenders as to the new Maturity Date or that such extension shall not occur, as the case may be. The effectiveness of any such extension is further subject to the satisfaction of the following conditions: (i) in the case of a Commitment increase by an Increasing Lender, that the Borrower and such Increasing Lender shall have entered into a Commitment Increase Agreement, and such Commitment Increase Agreement shall have been delivered to the Administrative Agent; (ii) in the case of an election not accession hereto by an Assignee Lender, that the parties thereto shall have entered into an Assignment Agreement, and such Assignment Agreement shall have been delivered to extend the Administrative Agent; and (iii) that any fees and other amounts payable to any Increasing Lender or fails Assignee Lender in connection with such increase or accession shall have been paid. Upon the effectiveness of any Commitment Increase Agreement, the Commitment(s), the outstanding aggregate principal amount of the Increasing Lender’s Proportionate Share of Revolving Loans and the L/C Obligations be increased in the amount set forth in the Commitment Increase Agreement, and upon the effectiveness of any Assignment Agreement, the Assignee Lender party thereto shall be and become a party hereto and shall constitute a Lender hereunder with the rights and obligations of a Lender under the Credit Documents (each such date of effectiveness, an "Increased Commitment Date"). Effective on each Increased Commitment Date, the Proportionate Shares of Revolving Loans and L/C Obligations then existing and held by each Lender shall be adjusted to timely notify reflect any such changes in such Lender’s Proportionate Share. Each Non-Continuing Lender having Revolving Loans or L/C Obligations or a Commitment then outstanding shall be deemed to have assigned, without recourse, to any Increasing Lenders increasing their Commitments and any Assignee Lenders, such Non-Continuing Lender’s Proportionate Share of such outstanding Revolving Loans and L/C Obligations and Commitment as shall be necessary to effectuate such adjustment. Each Increasing Lender and Assignee Lender shall be deemed to have assumed such Proportionate Share of Revolving Loans and L/C Obligations and Commitment. Additionally, promptly following the Borrowers and Increased Commitment Date for a Commitment increase, the Administrative Agent shall cause Schedule I to be modified to accurately reflect the Commitments and Proportionate Shares of its election being referred to as a “Terminating Lender” and all such the Lenders, collectivelywhereupon such amended Schedule I shall be substituted for the pre-existing Schedule I, be deemed a part of this Agreement without any further action or consent of any party and be promptly distributed to each Lender and the Borrower by the Administrative Agent. Additionally, the “Terminating Lenders”). The election Administrative Agent shall promptly notify each Increasing Lender and Assingee Lender of the amount of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionfunding obligations under this Section 2.01(h).

Appears in 2 contracts

Samples: Credit Agreement, Credit Agreement (Wild Oats Markets Inc)

Extension of Maturity Date. (a) On any anniversary The Swiss Borrower may, by delivery of a Maturity Date Extension Request to the Administrative Agent (which shall promptly deliver a copy thereof to each of the Closing Date Lenders) not less than 30 days prior to the Maturity Date, the Borrowers may request to extend the then-applicable existing Maturity Date for the applicable Class of Commitments and/or Loans hereunder to be extended (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to ), request that the date that is one year after Lenders extend the Existing Maturity Date (the “Requested Maturity Date”)in accordance with this Section; provided that that, for the Borrowers avoidance of doubt, each Lender may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) elect to the Administrative Agent agree or not less than 30 days and not more than 90 days prior to any anniversary of the Closing Dateagree, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shallto an extension of a Maturity Date. Each Maturity Date Extension Request shall (i) specify the applicable Class of Commitments and/or Loans hereunder to be extended, (ii) specify the date to which the applicable Maturity Date is sought to be extended, (iii) specify the changes, if any, to the Applicable Rate to be applied in determining the interest payable on the Loans of, and fees payable hereunder to, Consenting Lenders (as defined below) in respect of that portion of their Commitments and/or Loans extended to such new Maturity Date and the time as of which such changes will become effective (which may be prior to the Existing Maturity Date) and (iv) specify any other amendments or modifications to this Agreement to be effected in connection with such Maturity Date Extension Request; provided that no such changes or modifications requiring approvals pursuant to the provisos to Section 9.02(b) shall become effective prior to the Existing Maturity Date unless such other approvals have been obtained. In the event a Maturity Date Extension Request shall have been delivered by the Swiss Borrower, each Lender shall have the right to agree to the extension of the Existing Maturity Date and other matters contemplated thereby on the terms and subject to the conditions set forth therein (each Lender agreeing to the Maturity Date Extension Request being referred to herein as a “Consenting Lender” and each Lender not agreeing thereto being referred to herein as a “Declining Lender”), which right may be exercised by written notice thereof, specifying the maximum amount of the Commitment and/or Loans of such Lender with respect to which such Lender agrees to the extension of the Maturity Date, delivered to the Swiss Borrower (with a copy to the Administrative Agent) not later than a date 30 days after its receipt of any such notice from day to be agreed upon by the Administrative Agent, notify the Borrowers Swiss Borrower and the Administrative Agent in writing following the date on which the Maturity Date Extension Request shall have been delivered by the Swiss Borrower (it being understood and agreed that any Lender that shall have failed to exercise such right as set forth above shall be deemed to be a Declining Lender). If a Lender elects to extend only a portion of its election then existing Commitment and/or Loans, it will be deemed for purposes hereof to extend or be a Consenting Lender in respect of such extended portion and a Declining Lender in respect of the remaining portion of its Commitment and/or Loans, and the aggregate principal amount of each Type and currency of Loans of the applicable Class of such Lender shall be allocated ratably among the extended and non-extended portions of the Loans of such Lender based on the aggregate principal amount of such Loans so extended and not extended. If Consenting Lenders shall have agreed to extend such Maturity Date Extension Request in respect of Commitments and/or Loans held by them, then, subject to paragraph (d) of this Section, on the date specified in the Maturity Date Extension Request as the effective date thereof (the “Extension Effective Date”), (i) the Existing Maturity Date with of the applicable Commitments and/or Loans shall, as to the Consenting Lenders, be extended to such date as shall be specified therein, (ii) the terms and conditions of the applicable Commitments and/or Loans of the Consenting Lenders (including interest and fees (including Letter of Credit fees) payable in respect to its Commitment. Any Lender which thereof) shall not timely notify be modified as set forth in the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date shall be deemed not to have elected to extend Extension Request and (iii) such other modifications and amendments hereto specified in the Existing Maturity Date with respect Extension Request shall (subject to its Commitment any required approvals (any Lender who timely notifies including those of the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Required Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extension) having been obtained) become effective.

Appears in 2 contracts

Samples: Credit Agreement (Garrett Motion Inc.), Credit Agreement (Garrett Motion Inc.)

Extension of Maturity Date. (a) On At any anniversary of the Closing Date time not later than 45 days prior to the Maturity Date then in effect (such then existing Maturity Date, the Borrowers “Renewal Date”), the Company may request to that the Lenders extend the then-applicable then scheduled Maturity Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested from such Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make If such request in a notice given as herein provided and substantially in is made by the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) Company each of the representations and warranties contained in Section 7 and in the other Credit Documents Lender shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to extend the Existing Maturity Date with respect to its Commitment. Any Lender which shall not timely notify the Borrowers and inform the Administrative Agent of its election willingness to extend the Existing Maturity Date no later than 20 days prior to such Renewal Date. Any Lender’s failure to respond by such date shall be deemed not to have elected to extend the Existing Maturity Date with respect to indicate its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender unwillingness to agree to such requested extension, and all Lenders must approve any requested extension. At any time more than 15 days before such Renewal Date the Lenders may propose, by written notice to the Company, an extension of this Agreement to such later date on such terms and conditions as the Lenders may then require. If the extension of this Agreement to such later date is acceptable to the Company on the terms and conditions proposed by the Lenders, the Borrowers shall notify the Lenders of their acceptance of such terms and conditions no later than the Renewal Date, and such later date will become the Maturity Date hereunder and this Agreement shall otherwise be amended in the manner described in the Lenders’ notice proposing the extension of this Agreement upon the Administrative Agent’s receipt of (i) an amendment to this Agreement signed by the Borrowers and all of the Lenders, (ii) resolutions of each Borrower’s Board of Directors authorizing such extension and (iii) an opinion of counsel to the Borrowers equivalent in form and substance to the opinion received in satisfaction of the condition precedent contained in Section 4.01(i) and otherwise acceptable to the Administrative Agent.

Appears in 2 contracts

Samples: Credit Agreement (Career Education Corp), Credit Agreement (Career Education Corp)

Extension of Maturity Date. (a) On any anniversary The Borrower may, by delivery of a Maturity Date Extension Request to the Administrative Agent (which shall promptly deliver a copy thereof to each of the Closing Date Lenders) not less than 45 days prior to the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Date then existing maturity date for Commitments hereunder (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided , request that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to Lenders extend the Existing Maturity Date in accordance with this Section 2.21; provided that the Borrower may not make more than two Maturity Date Extension Requests following the Restatement Effective Date. Each Maturity Date Extension Request shall (i) specify the date to which the Maturity Date is sought to be extended; provided that such date is no more than one calendar year from the then scheduled Maturity Date, (ii) specify the changes, if any, to the Applicable Rate to be applied in determining the interest payable on Loans of, and fees payable hereunder to, Consenting Lenders (as defined below) in respect of that portion of their Commitments (and related Loans) extended to such new Maturity Date and the time as of which such changes will become effective (which may be prior to the Existing Maturity Date), and (iii) specify any other amendments or modifications to this Agreement to be effected in connection with such Maturity Date Extension Request, provided that no such changes or modifications requiring approvals pursuant to Section 9.2(b) shall become effective prior to the then existing Maturity Date unless such other approvals have been obtained. In the event a Maturity Date Extension Request shall have been delivered by the Borrower, each Lender shall have the right (but not the obligation) to agree to the extension of the Existing Maturity Date and other matters contemplated thereby on the terms and subject to the conditions set forth therein (each Lender agreeing to the Maturity Date Extension Request being referred to herein as a “Consenting Lender” and each Lender not agreeing thereto being referred to herein as a “Declining Lender”), which right may be exercised by written notice thereof, specifying the maximum amount of the Commitment of such Lender with respect to its Commitment. Any which such Lender which shall agrees to the extension of the Maturity Date, delivered to the Borrower (with a copy to the Administrative Agent) not timely notify later than a day to be agreed upon by the Borrowers Borrower and the Administrative Agent following the date on which the Maturity Date Extension Request shall have been delivered by the Borrower (it being understood that any Lender that shall have failed to exercise such right as set forth above shall be deemed to be a Declining Lender). If a Lender elects to extend only a portion of its election then existing Commitment, it will be deemed for purposes hereof to extend be a Consenting Lender in respect of such extended portion and a Declining Lender in respect of the remaining portion of its Commitment. If Consenting Lenders shall have agreed to such Maturity Date Extension Request in respect of Commitments held by them, then, subject to paragraph (d) of this Section 2.21, on the date specified in the Maturity Date Extension Request as the effective date thereof (the “Extension Effective Date”), (i) the Existing Maturity Date of the applicable Commitments shall, as to the Consenting Lenders, be extended to such date as shall be specified therein, (ii) the terms and conditions of the Commitments of the Consenting Lenders (including interest and fees (including Letter of Credit fees) payable in respect thereof), shall be modified as set forth in the Maturity Date Extension Request and (iii) such other modifications and amendments hereto specified in the Maturity Date Extension Request shall (subject to any required approvals (including those of the Required Lenders having been obtained, if applicable), except that any such other modifications and amendments that do not take effect until the Existing Maturity Date shall be deemed not to have elected to extend require the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election consent of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionthan the Consenting Lenders) become effective.

Appears in 2 contracts

Samples: Revolving Credit Agreement (CF Industries Holdings, Inc.), Revolving Credit Agreement (CF Industries Holdings, Inc.)

Extension of Maturity Date. (a) On any anniversary of In the Closing Date prior event Borrowers desire to the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in from the form attached hereto as Exhibit 2.8(a) (one year anniversary of the “Extension of Maturity Initial Funding Date Request”) to the Administrative 18-month anniversary of the Initial Funding Date, Borrowers shall notify Agent not less than 30 days and Lenders thereof not more than 90 days and not less than 60 days prior to any the one-year anniversary date of the Initial Funding Date. If Borrowers so notify Agent and Lenders, not later than 45 days prior to the one-year anniversary of the Closing Initial Funding Date, each Lender shall notify Agent and Borrowers if it desires to extend the Maturity Date to such 18-month anniversary (the “Lender’s Extension Notice”). In the event all Lenders so long as (i) each of agree to extend the representations Maturity Date and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing then exists or exists on such one-year anniversary (the date of foregoing being the “Extension Conditions”), effective on such notice and as of one-year anniversary, the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to extend the Existing Maturity Date with respect to its Commitment. Any Lender which shall not timely notify the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date shall be deemed not extended to have elected the 18-month anniversary of the Initial Funding Date. In the event that less than all Lenders agree to so extend the Maturity Date, upon the consent of the remaining Lenders and Borrowers and fulfillment of the Extension Conditions, (x) the Maturity Date shall be extended to the 18-month anniversary of the Initial Funding Date effective on such one-year anniversary, and (y) such remaining Lender(s), Agent (if there is more than one remaining Lender) and Borrowers shall execute and deliver such documents and instruments, and amendments to Credit Documents, as shall be necessary, in the opinion of such remaining Lender(s) and Agent (if applicable), to evidence the Commitment as shall thereafter be in effect. In the event no Lender so agrees to extend the Existing Maturity Date with respect to its Commitment (any the 18-month anniversary of the Initial Funding Date, the Maturity Date shall remain as the one-year anniversary of the Initial Funding Date. Any Lender who timely notifies the Borrowers and the Administrative Agent of an election fails to deliver a Lender’s Extension Notice shall be deemed to have not agreed to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionMaturity Date.

Appears in 2 contracts

Samples: Loan and Security Agreement (nFinanSe Inc.), Loan and Security Agreement (nFinanSe Inc.)

Extension of Maturity Date. Hyatt shall have the right to extend the Maturity Date with respect to each Extending Lender to January 10, 2024 (a) On any anniversary of the Closing Date period from January 11, 2023 until January 10, 2024, the “Extension Period”). Hyatt may exercise such right only by executing and delivering to the Administrative Agent, at least 30 days but not more than 120 days prior to the Maturity Date, the Borrowers may request to extend the then-applicable current Maturity Date (the date of such delivery, the Existing Maturity Extension Date”) for an additional one-year period ), a written notice of such extension (an “Extension PeriodNotice) to ). The Administrative Agent shall notify the date that is one year after the Existing Extending Lenders if it receives an Extension Notice promptly upon receipt thereof. The Maturity Date (shall be extended for the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to Period effective upon receipt by the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Extension Notice and subject to the satisfaction of the following conditions as of the Extension Date, so long as : (i) each immediately prior to such extension and immediately after giving effect thereto, (A) no Default or Event of Default shall be in existence or would result therefrom and (B) the representations and warranties contained made by the Credit Parties herein or in Section 7 and in the any other Credit Documents Document shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the date of such notice Extension Date with the same force and as of the commencement date of the relevant Extension Period effect as if made on and as of each the Extension Date except to the extent that such representations and warranties expressly relate solely to an earlier date (orin which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, if any in which case such representation or warranty shall be true and warranty is expressly stated to have been made as of a specific date, correct in all respects) on and as of such specific earlier date) and except for changes in factual circumstances not prohibited under the Credit Documents, (ii) the Leverage Ratio for the most recent Measurement Date preceding the Extension Date for which financial statements have been delivered pursuant to Section 5.1(a) or 5.1(b) shall not exceed the maximum level permitted pursuant to Section 5.9(a) for such Measurement Date, (iii) the Credit Parties shall have delivered resolutions authorizing such extension and a legal opinion of counsel to the Credit Parties as to such due authorization and the continued enforceability of the Credit Documents (which due authorization opinions may be provided by in-house counsel), in each case in form and substance reasonably satisfactory to the Administrative Agent, and (iv) payment of the Fees payable under Section 2.10(e). Prior to the effectiveness of such extension, the Borrower shall deliver to the Administrative Agent a certificate from the chief executive officer or chief financial officer certifying the matters referred to in the immediately preceding clauses (i) and (ii) no Default ). Notwithstanding the foregoing or Event anything in this Agreement to the contrary, upon the satisfaction of Default shall have occurred the foregoing conditions and be continuing on the date of such notice and as of Extension Date, (i) the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to extend the Existing Maturity Date with respect to its the Revolving Commitment. Any , LOC Commitment and Swingline Commitment of each Extending Lender which shall not timely notify be automatically extended to January 10, 2024 without consent or further action by any Lender or any other Person, (ii) the Borrowers Revolving Commitment of each Non-Extending Lender shall terminate, (iii) the Aggregate Revolving Committed Amount shall be reduced by the Revolving Committed Amount of each Non-Extending Lender, (iv) the Swingline Committed Amount and the Administrative Agent aggregate Dollar Amount of its election to extend the Existing Maturity Date LOC Obligations permitted hereunder shall be deemed not reduced on a proportionate basis with the reduction of such Aggregate Revolving Committed Amount and (v) all Obligations (including all accrued interest and Facility Fees) owing to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers Non-Extending Lenders shall be due and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionpayable in full.

Appears in 2 contracts

Samples: Credit Agreement (Hyatt Hotels Corp), Credit Agreement (Hyatt Hotels Corp)

Extension of Maturity Date. The Borrower shall have the right, exercisable two (a2) On any anniversary of times for the Closing Facility, to request that the Administrative Agent and the Revolving Lenders agree to extend the Maturity Date by a six-month period. The Borrower may exercise such right only by executing and delivering to the Administrative Agent at least ninety (90) days but not more than one hundred eighty (180) days prior to the current Maturity Date, the Borrowers may a written request to extend the then-applicable Maturity Date (the “Existing Maturity Date”) for an additional one-year period such extension (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity DateRequest”); provided that . The Administrative Agent shall notify the Borrowers may extend Revolving Lenders if it receives an Extension Request promptly upon receipt thereof. Subject to satisfaction of the following conditions, the Maturity Date shall be extended for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to six-month period effective upon receipt by the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as Extension Request and payment of the fee referred to in the following clause (ii): (i) each immediately prior to such extension and immediately after giving effect thereto, (A) no Default or Event of Default shall exist and (B) the representations and warranties contained in Section 7 made or deemed made by the Borrower and each other Loan Party in the other Credit Loan Documents to which any of them is a party, shall be true and correct in all material respects (or, to the extent qualified by materiality or Material Adverse Effect, in all respects) on and as of the date of such notice extension with the same force and as of the commencement date of the relevant Extension Period effect as if made on and as of each such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (or, if any such representation to the extent qualified by materiality or Material Adverse Effect, in all respects) on and warranty is expressly stated to have been made as of a specific date, as of such specific earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents; and (ii) no Default or Event of Default the Borrower shall have occurred and paid to Administrative Agent for the ratable account of each of the Lenders a fee equal to 0.0625% of the amount of the Aggregate Revolving Commitment on the effective date of the extension (which fee shall be continuing fully earned on the date of such notice and as of the commencement date of Administrative Agent receives the relevant Extension PeriodRequest pursuant to this Section 2.19). Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt At any time prior to the effectiveness of any such notice from extension, upon the Administrative Agent’s request, notify the Borrowers and Borrower shall deliver to the Administrative Agent in writing of its election to extend a certificate from the chief executive officer or not to extend chief financial officer certifying the Existing Maturity Date with respect to its Commitment. Any Lender which shall not timely notify the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being matters referred to as a “Terminating Lender” in the immediately preceding clauses (i)(A) and all such Lenders, collectively, the “Terminating Lenders”(i)(B). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extension.

Appears in 2 contracts

Samples: Revolving Credit Agreement (First Industrial Lp), Revolving Credit Agreement (First Industrial Lp)

Extension of Maturity Date. Notwithstanding anything contained herein to the contrary, the Borrower may, by delivery of a Maturity Date Extension Request to the Administrative Agent (a) On any anniversary which shall promptly deliver a copy to each of the Closing Lenders) request that Lenders extend the Maturity Date as it applies to their respective Commitments for an additional period as specified in such Maturity Date Extension Request on the terms provided for therein (which terms shall not include any change to the Applicable Rate for the period prior to the Maturity Date, the Borrowers may request to extend the then-applicable Existing Maturity Date (as defined below) but may provide for fees payable to the extending Lenders prior thereto in consideration of their agreement to so extend the Maturity Date). Each Lender shall, by notice to the Borrower and the Administrative Agent in accordance with procedures and timing reasonably determined by the Administrative Agent in consultation with the Borrower, advise the Borrower and the Administrative Agent whether or not it agrees to the requested extension (each Lender agreeing to a requested extension being called a “Consenting Lender”, and each Lender declining to agree to a requested extension being called a “Declining Lender”). Any Lender that has not so advised the Borrower and the Administrative Agent by such day shall be deemed to have declined to agree to such extension and shall be a Declining Lender. Notwithstanding anything contained herein to the contrary, the Maturity Date shall, as to the Consenting Lenders, and subject to such conditions as may be specified in such Maturity Date Extension Request, be extended to the date specified in such Maturity Date Extension Request. The decision to agree or withhold agreement to any Maturity Date Extension Request shall be at the sole discretion of each Lender. The Commitment of any Declining Lender shall terminate on the Maturity Date in effect prior to giving effect to any such extension (such Maturity Date being called the “Existing Maturity Date”) ). The principal amount of any outstanding Loans made by Declining Lenders, together with any accrued interest thereon and any accrued fees and other amounts payable to or for an additional one-year period (an “Extension Period”) to the date that is one year after account of such Declining Lenders hereunder, shall be due and payable on the Existing Maturity Date (Date. Notwithstanding the “Requested Maturity Date”); provided that foregoing provisions of this paragraph, the Borrowers may extend Borrower shall have the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) right, pursuant to the Administrative Agent not less than 30 days and not more than 90 days Section 2.22, at any time prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to extend the Existing Maturity Date Date, to replace a Declining Lender with respect a Lender or other financial institution that will agree to its Commitment. Any Lender which shall not timely notify the Borrowers and the Administrative Agent of its election to extend the Existing applicable Maturity Date Extension Request, and any such replacement Lender shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as for all purposes constitute a “Terminating Consenting Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extension.

Appears in 2 contracts

Samples: Credit Facility Agreement (Janus Capital Group Inc), Credit Facility Agreement (Janus Capital Group Inc)

Extension of Maturity Date. (a) On any anniversary The Borrowers may, by delivery of a Maturity Date Extension Request to the Administrative Agent (which shall promptly deliver a copy thereof to each Bank of the Closing Date relevant Class) not less than 30 days prior to the Maturity Date, the Borrowers may request to extend the then-applicable existing Maturity Date for the applicable Class of Commitments and/or Loans hereunder to be extended (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided , request that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date Banks of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to Class extend the Existing Maturity Date with respect to its Commitmentsuch Class in accordance with this Section. Any Lender Each Maturity Date Extension Request shall (i) specify the date to which the Maturity Date with respect to such Class is sought to be extended, (ii) specify the changes, if any, to the Applicable Margin to be applied in determining the interest payable on the Loans of, and fees payable hereunder to, Consenting Banks in respect of that portion of their Commitments and/or Loans extended to such new Maturity Date and the time as of which such changes will become effective (which may be prior to the Existing Maturity Date) and (iii) specify any other amendments or modifications to this Agreement to be effected in connection with such Maturity Date Extension Request; provided that no such changes or modifications requiring other approvals pursuant to Section 9.5 shall become effective prior to the Existing Maturity Date unless such other approvals have been obtained. In the event a Maturity Date Extension Request shall have been delivered by the Borrowers, each Bank of the applicable Class shall have the right to agree to the extension of the Existing Maturity Date and other matters contemplated thereby on the terms and subject to the conditions set forth therein (each Bank agreeing to the Maturity Date Extension Request being referred to herein as a “Consenting Bank” and each Bank not timely notify agreeing thereto being referred to herein as a “Declining Bank”), which right may be exercised by written notice thereof, specifying the maximum amount of the Commitment and/or Loans of such Class of such Bank with respect to which such Bank agrees to the extension of the Maturity Date, delivered to the Borrowers (with a copy to the Administrative Agent) not later than a day to be agreed upon by the Borrowers and the Administrative Agent following the date on which the Maturity Date Extension Request shall have been delivered by the Borrowers (it being understood and agreed that any Bank that shall have failed to exercise such right as set forth above shall, with respect to such Class, be deemed to be a Declining Bank). If a Bank elects to extend only a portion of its election then existing Commitment and/or Loans of the applicable Class, it will be deemed for purposes hereof to extend be a Consenting Bank in respect of such extended portion and a Declining Bank in respect of the remaining portion of its Commitment and/or Loans of such Class, and the aggregate principal amount of each Type and currency of Loans of the applicable Class of such Bank shall be allocated ratably among the extended and non-extended portions of the Loans of such Bank based on the aggregate principal amount of such Loans so extended and not extended. If a Consenting Bank shall have agreed to such Maturity Date Extension Request in respect of Commitments or Loans of a Class held by them, then, subject to paragraph (c) of this Section, on the date specified in the Maturity Date Extension Request as the effective date thereof (the “Extension Effective Date”), (i) the Existing Maturity Date of the applicable Commitments or Loans shall, as to the Consenting Banks, be extended to such date as shall be deemed not to have elected to extend specified therein, (ii) the Existing terms and conditions of the applicable Commitments and/or Loans of the Consenting Banks (including interest and fees (including Letter of Credit fees) payable in respect thereof) shall be modified as set forth in the Maturity Date with respect Extension Request and (iii) such other modifications and amendments hereto specified in the Maturity Date Extension Request shall (subject to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionrequired approvals having been obtained) become effective.

Appears in 2 contracts

Samples: Credit Agreement (Allegion PLC), Credit Agreement (Allegion PLC)

Extension of Maturity Date. (ai) On any anniversary The Borrower may, upon notice to the Administrative Agent (which shall promptly notify the applicable Class of Lenders or Additional Lenders, as applicable), request one or more extensions of the Closing Date prior maturity date applicable to the Maturity DateRevolving Commitments or Other Revolving Commitments, the Borrowers may request maturity date applicable to extend any Class of Term Loans or Other Term Loans, or the then-maturity date applicable Maturity Date to any Incremental Loans, as applicable, then in effect (such existing maturity date applicable to any Revolving Commitments or Other Revolving Commitments being the “Existing Revolving Maturity Date”, such existing maturity date applicable to any Class of Term Loans or Other Term Loans being the “Existing Term Loan Maturity Date” and such existing maturity date applicable to any Incremental Loans being the “Existing Incremental Loan Maturity Date”) for an additional one-year period (an “Extension Period”) to the a date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) specified in such Extension Periodsnotice. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension Within 15 Business Days of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date delivery of such notice and (or such other period as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers Borrower and the Administrative Agent in writing of its election to extend shall mutually agree upon), each applicable Revolving Lender, Term Lender or not to extend Additional Lender, as the Existing Maturity Date with respect to its Commitment. Any Lender which case may be, shall not timely notify the Borrowers and the Administrative Agent whether it consents to such extension (which consent may be given or withheld in such Revolving Lender’s, Term Lender’s or Additional Lender’s, as applicable, sole and absolute discretion). Any Revolving Lender, Term Lender or Additional Lender, as applicable, not responding under subsection (ii) above) to enter into any amendments to this Agreement that the Administrative Agent believes are necessary to appropriately reflect, or provide for the integration of, any extension of its election a maturity date applicable to extend the Revolving Commitments, Other Revolving Commitments, the maturity date applicable to any Class of Term Loans or Other Term Loans or maturity date applicable to any Incremental Loans, as applicable, pursuant to this Section 2.07(d). In addition, with the consent of each Issuing Bank, participations in Letters of Credit expiring on or after the Existing Revolving Maturity Date shall be reallocated from Non-Extending Revolving Lenders to Extending Revolving Lenders in accordance with the terms of such amendment; provided, however, that such participation interests shall, upon receipt thereof by the Extending Revolving Lenders, be deemed not to have elected to extend the Existing Maturity Date with be participation interests in respect to its Commitment (any Lender who timely notifies the Borrowers of such extended revolving commitments and the Administrative Agent terms of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lendersparticipation interests (including, collectivelywithout limitation, the “Terminating Lenders”). The election of any Lender to agree to a requested extension commission applicable thereto) shall not obligate any other Lender to agree to such requested extensionbe adjusted accordingly.

Appears in 2 contracts

Samples: Incremental Amendment (Windstream Services, LLC), Incremental Amendment (Windstream Holdings, Inc.)

Extension of Maturity Date. The Borrower may, by written request to the Agent and the Lenders given not later than one hundred eighty (a180) On any anniversary of the Closing Date days prior to the Maturity Date then in effect (the "Effective Maturity Date, the Borrowers may ") request to extend the then-applicable (an "Extension Request") that such Effective Maturity Date be extended to a date which is twenty-four (24) months after such Effective Maturity Date. No later than the date (the “Existing Maturity "Extension Response Date") for an additional one-year period which is 30 days after such Extension Request has been delivered to each of the Lenders, each Lender will notify the Borrower in writing (an “Extension Period”) with a copy to the date that is one year after the Existing Maturity Date Agent) whether or not it consents to such Extension Request (the “Requested Maturity Date”which consent may be granted or denied by each Lender in its sole discretion and may be conditioned on receipt of such financial information or other documentation as may be specified by such Lender); provided provided, that any Lender that fails to so advise the Borrowers may extend Borrower on or prior to the Extension Response Date shall be deemed to have denied such Extension Request. The extension of the Maturity Date for a maximum two contemplated by an Extension Request shall become effective as of the applicable Effective Maturity Date; provided, that (2i) all of the Lenders shall have consented to such Extension Periods. The Borrowers may make such request in a notice given as herein provided Request; and substantially in the form attached hereto as Exhibit 2.8(a(ii) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (ix) each of the representations and warranties contained made by the Borrower in Section 7 and in or pursuant to the other Credit Loan Documents shall be true and correct in all material respects on and as of each of the date of such notice Extension Request and as of the commencement date of the relevant Extension Period such Effective Maturity Date as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific except to the extent relating to an earlier date) and , (iiy) no Default or Event of Default shall have occurred and be continuing on the date of such notice Extension Request or on such Effective Maturity Date and as (z) on each of the commencement date of the relevant such Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any Request and such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to extend the Existing Effective Maturity Date with respect to its Commitment. Any Lender which shall not timely notify the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectivelyDate, the “Terminating Lenders”). The election Agent shall have received a certificate of any Lender the Borrower as to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionthe matters set forth in clauses (x) and (y) above.

Appears in 2 contracts

Samples: Credit Agreement (Novamed Eyecare Inc), Credit Agreement (Novamed Eyecare Inc)

Extension of Maturity Date. (a) On any anniversary The Lead Borrower may, by delivery of a Maturity Date Extension Request to the Administrative Agent (which shall promptly deliver a copy thereof to each of the Closing Date Lenders) not less than 30 days prior to the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Date existing maturity date for Commitments hereunder (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided , request that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to Lenders extend the Existing Maturity Date in accordance with this Section 2.21; provided that the Lead Borrower may not make more than two Maturity Date Extension Requests following the Fourth Restatement Effective Date. Each Maturity Date Extension Request shall (i) specify the date to which the Maturity Date is sought to be extended; provided that such date is no more than one calendar year from the then scheduled Maturity Date, (ii) specify the changes, if any, to the Applicable Rate to be applied in determining the interest payable on Loans of, and fees payable hereunder to, Consenting Lenders (as defined below) in respect of that portion of their Commitments (and related Loans) extended to such new Maturity Date and the time as of which such changes will become effective (which may be prior to the Existing Maturity Date), and (iii) specify any other amendments or modifications to this Agreement to be effected in connection with such Maturity Date Extension Request, provided that no such changes or modifications requiring approvals pursuant to Section 9.2(b) shall become effective prior to the then-existing Maturity Date unless such other approvals have been obtained. In the event a Maturity Date Extension Request shall have been delivered by the Lead Borrower, each Lender shall have the right (but not the obligation) to agree to the extension of the Existing Maturity Date and other matters contemplated thereby on the terms and subject to the conditions set forth therein (each Lender agreeing to the Maturity Date Extension Request being referred to herein as a “Consenting Lender” and each Lender not agreeing thereto being referred to herein as a “Declining Lender”), which right may be exercised by written notice thereof, specifying the maximum amount of the Commitment of such Lender with respect to its Commitment. Any which such Lender which shall agrees to the extension of the Maturity Date, delivered to the Lead Borrower (with a copy to the Administrative Agent) not timely notify later than a day to be agreed upon by the Borrowers Lead Borrower and the Administrative Agent following the date on which the Maturity Date Extension Request shall have been delivered by the Lead Borrower (it being understood that any Lender that shall have failed to exercise such right as set forth above by such date shall be deemed to be a Declining Lender). If a Lender elects to extend only a portion of its election then-existing Commitment, it will be deemed for purposes hereof to extend be a Consenting Lender in respect of such extended portion and a Declining Lender in respect of the remaining portion of its Commitment. If Consenting Lenders shall have agreed to such Maturity Date Extension Request in respect of Commitments held by them, then, subject to paragraph (d) of this Section 2.21, on the date specified in the Maturity Date Extension Request as the effective date thereof (the “Extension Effective Date”), (i) the Existing Maturity Date of the applicable Commitments shall, as to the Consenting Lenders, be extended to such date as shall be specified therein, (ii) the terms and conditions of the Commitments of the Consenting Lenders (including interest and fees (including Letter of Credit fees) payable in respect thereof), shall be modified as set forth in the Maturity Date Extension Request and (iii) such other modifications and amendments hereto specified in the Maturity Date Extension Request shall (subject to any required approvals pursuant to Section 9.2(b) (including those of the Required Lenders having been obtained, if applicable), except that any such other modifications and amendments that do not take effect until the Existing Maturity Date shall be deemed not to have elected to extend require the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election consent of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionthan the Consenting Lenders) become effective.

Appears in 2 contracts

Samples: Revolving Credit Agreement (CF Industries Holdings, Inc.), Intercreditor Agreement (CF Industries Holdings, Inc.)

Extension of Maturity Date. (a) On Each Lender’s Commitment may be extended, if at the time the conditions specified in Section 4.02 are met, in the manner set forth in this Section 2.24, on not more than two occasions (any anniversary of the Closing Date prior to the Maturity Datesuch occasion, the Borrowers may request to extend the then-applicable Maturity Date (the an Existing Maturity Extension Date”) for an additional one-year a period (an “Extension Period”) to the date that is of one year after the Existing Maturity Date (date on which the “Requested Maturity Date”)Commitment of such Lender would have been terminated; provided that the Borrowers may extend the no such extension request shall result in a Maturity Date for a maximum two (2) such any Lender that is more than five years after the relevant Extension PeriodsDate. The Borrowers may make such If the Company wishes to request in a an extension of each Lender’s Commitment, it shall give notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to that effect to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing applicable Extension Date, so long as (i) whereupon the Administrative Agent shall promptly notify each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date Lenders of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (orrequest. Each Lender will use its best efforts to respond to such request, if any such representation and warranty is expressly stated to have been made as of a specific datewhether affirmatively or negatively, as it may elect in its discretion, within 15 days of such specific date) and request (ii) no Default or Event of Default shall have occurred and be continuing on such longer period as the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers Company and the Administrative Agent in writing of its election may reasonably agree) to the Administrative Agent. If any Lender shall not have responded affirmatively within such 15-day period (or such longer period, if applicable), such Lender shall be deemed to have rejected the Company’s proposal to extend or not to extend the Existing Maturity Date with respect to its Commitment. Any Lender , and only the Commitments of those Lenders which have responded affirmatively shall not timely notify the Borrowers and be extended, subject to receipt by the Administrative Agent of its election counterparts of an extension agreement in form reasonably satisfactory to extend the Existing Maturity Date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of and the Company (an election not to extend or fails to timely notify “Extension Agreement”), duly completed and signed by the Borrowers and Company, the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, of the “Terminating Lenders”)Lenders which have responded affirmatively. The election Administrative Agent shall provide to the Company, no later than 10 days prior to the Extension Date for any such request, a list of the Lenders which have responded affirmatively. The Extension Agreement shall be executed and delivered no later than five days prior to the Extension Date, and no extension of the Commitments pursuant to this Section 2.24 shall be legally binding on any Lender to agree to a requested extension shall not obligate any other Lender to agree to party hereto unless and until such requested extensionExtension Agreement is so executed and delivered by Lenders having at least 51% of the aggregate amount of the Commitments.

Appears in 2 contracts

Samples: Credit Agreement (Cummins Inc), Credit Agreement (Cummins Inc)

Extension of Maturity Date. (a) On any anniversary The Borrower may, by delivery of a Maturity Date Extension Request to the Administrative Agent (which shall promptly deliver a copy thereof to each of the Closing Date Lenders and the Issuing Banks) not less than 30 days prior to the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Date then existing maturity date for Commitments of any Class hereunder (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to ), request that the date that is one year after applicable Lenders and the Issuing Banks extend the Existing Maturity Date (the “Requested Maturity Date”)in accordance with this Section; provided that the Borrowers Borrower may extend not make more than two Maturity Date Extension Requests during the term of this Agreement. Each Maturity Date Extension Request shall (i) specify the Class of Commitments and the date to which the Maturity Date for is sought to be extended; provided that such date is no more than one calendar year from the then-scheduled Maturity Date, (ii) specify the changes, if any, to the Applicable Rate to be applied in determining the interest payable on Loans of, and fees payable hereunder to, Consenting Lenders (as defined below) in respect of that portion of their Commitments (and related Loans) of the applicable Class extended to such new Maturity Date and the time as of which such changes will become effective (which may be prior to the Existing Maturity Date), and (iii) specify any other amendments or modifications to this Agreement to be effected in connection with such Maturity Date Extension Request; provided that no such changes or modifications requiring approvals pursuant to Section 10.2(b) shall become effective prior to the then existing Maturity Date unless such other approvals have been obtained. In the event a Maturity Date Extension Request shall have been delivered by the Borrower, each Lender of the applicable Class shall have the right to agree or not agree to the extension of the Existing Maturity Date and other matters contemplated thereby on the terms and subject to the conditions set forth therein (each Lender agreeing to the Maturity Date Extension Request being referred to herein as a “Consenting Lender” and each Lender not agreeing thereto being referred to herein as a “Declining Lender”), which right may be exercised by written notice thereof, specifying the maximum two amount of its Commitment and, if such Lender (2or a designated Affiliate of such Lender) is then serving as an Issuing Bank, its (or its designated Affiliate’s) Issuing Bank Sublimit, with respect to which such Lender agrees to the extension of the Maturity Date, delivered to the Borrower (with a copy to the Administrative Agent) not later than a day to be agreed upon by the Borrower and the Administrative Agent following the date on which the Maturity Date Extension Periods. The Borrowers may make Request shall have been delivered by the Borrower (it being understood (x) that any Lender that shall have failed to exercise such request in right as set forth above shall be deemed to be a notice given as herein provided Declining Lender and substantially (y) that, in the form attached hereto case of any Lender then serving (or whose designated Affiliate is then serving) as Exhibit 2.8(aan Issuing Bank, (I) the Issuing Bank Sublimit of such Lender (or such designated Affiliate) shall not be extended in connection with an extension of such Lender’s Commitments unless so specified by such Lender (or such designated Affiliate), in its capacity as Issuing Bank, in such written notice to the Borrower and (II) for purposes of Section 2.4(a), the “Maturity Date” applicable to Letters of Credit of an Issuing Bank that has not extended its Issuing Bank Sublimit will be the Maturity Date in respect of such Letter of Credit Sublimit that has not been extended). If a Lender elects to extend only a portion of its then existing Commitment, it will be deemed for purposes hereof to be a Consenting Lender in respect of such extended portion and a Declining Lender in respect of the remaining portion of its Commitment. If Consenting Lenders shall have agreed to such Maturity Date Extension Request in respect of Commitments held by them, then, subject to paragraph (d) of this Section, on the date specified in the Maturity Date Extension Request as the effective date thereof (the “Extension of Maturity Date RequestEffective Date) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date), so long as (i) each the Existing Maturity Date of the representations and warranties contained in Section 7 and in applicable Commitments shall, as to the other Credit Documents Consenting Lenders, be extended to such date as shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (orspecified therein, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred the terms and be continuing on the date of such notice and as conditions of the commencement date Commitments of the relevant Consenting Lenders (including interest and fees payable in respect thereof), shall be modified as set forth in the Maturity Date Extension Period. Each LenderRequest, acting (iii) such other modifications and amendments hereto specified in its sole discretionthe Maturity Date Extension Request shall (subject to any required approvals (including those of the Required Lenders) having been obtained, shall, except that any such other modifications and amendments that do not later than a date 30 days after its receipt take effect until the Existing Maturity Date shall not require the consent of any such notice from Lender other than the Administrative Agent, notify Consenting Lenders) become effective and (iv) in the Borrowers and the Administrative Agent in writing case of its election to extend any Consenting Lender then serving (or whose designated Affiliate is then serving) as an Issuing Bank that shall not have agreed to extend the Existing Maturity Date with respect to its Commitment. Any Lender which Issuing Bank Sublimit, or shall not timely notify the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date shall be deemed not to have elected agreed to extend the Existing Maturity Date with respect to less than the entire amount of its Commitment (any Lender who timely notifies Issuing Bank Sublimit, such Issuing Bank shall not have the Borrowers and the Administrative Agent of an election not obligation to issue, amend, extend or fails increase Letters of Credit following the Extension Effective Date, if after giving effect to timely notify any such issuance, amendment, extension or increase, the Borrowers and Letter of Credit Usage attributable to Letters of Credit issued by such Issuing Bank that have a stated expiration date after the Administrative Agent date that is five days prior to the Existing Maturity Date with respect to the non-extended portion of its election being referred to as a “Terminating Lender” and all Issuing Bank Sublimit would exceed the extended portion (if any) of such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionIssuing Bank Sublimit.

Appears in 2 contracts

Samples: Counterpart Agreement (DoorDash, Inc.), Counterpart Agreement (DoorDash, Inc.)

Extension of Maturity Date. The Borrower in its sole discretion may request that the Administrative Agent and the Lenders extend (ai) On any anniversary of the Closing Original Maturity Date prior to the Maturity Date, the Borrowers may request to extend the then-applicable First Extended Maturity Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided by executing and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) delivering to the Administrative Agent not less than 30 days and at least forty-five (45) days, but not more than 90 days ninety (90) days, prior to the Original Maturity Date, a written request for such extension (the “First Extension Option”) and (ii) the First Extended Maturity Date to the Second Extended Maturity Date by executing and delivering to the Administrative Agent at least forty-five (45) days, but not more than ninety (90) days, prior to the First Extended Maturity Date, a written request for such extension (the “Second Extension Option”). The Administrative Agent shall forward to each Lender a copy of any anniversary such request delivered to the Administrative Agent promptly upon receipt thereof. Subject to satisfaction of the Closing following conditions, the Maturity Date shall be extended to the First Extended Maturity Date or the Second Extended Maturity Date, so long as then applicable: (ia) each immediately prior to such extension and immediately after giving effect thereto, no Default or Event of Default shall exist, (b) the Borrower shall have paid the applicable Fees payable under Section 3.5(e) no later than (1) the Original Maturity Date (provided that no such Fee shall be payable if Borrower rescinds the extension request prior to the Original Maturity Date) with respect to the First Extension Option and (2) the First Extended Maturity Date (provided that no such Fee shall be payable if Borrower rescinds the extension request prior to the First Extended Maturity Date) with respect to the Second Extension Option, and (c) all representations and warranties contained made or deemed made by any Loan Party in Section 7 any Loan Document to which any such Loan Party is a party are true and correct in all material respects (except in the other Credit Documents case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on the effective date of such extension (except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific earlier date) and (ii) no Default or Event of Default shall have occurred except for changes in factual circumstances specifically and be continuing on expressly permitted under the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to extend the Existing Maturity Date with respect to its Commitment. Any Lender which shall not timely notify the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”Loan Documents). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extension.

Appears in 2 contracts

Samples: Credit Agreement (Equity One, Inc.), Credit Agreement (Equity One, Inc.)

Extension of Maturity Date. The Company, on behalf of both Borrowers, may, on not more than two occasions during the term of this Agreement, by written notice to the Agent (awhich shall promptly deliver a copy to each of the Lenders) On delivered not fewer than 45 days, and not more than 90 days (or such shorter or longer period, respectively, as may otherwise be agreed to by the Agent and the Company), before any anniversary of the Closing Date prior to the Maturity Restatement Effective Date, request that the Borrowers may request to Lenders extend the then-applicable then effective Maturity Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) of one year, effective as of a date specified in such notice. Each Lender shall, by notice to the date that is one year Company and the Agent given not later than the 20th day after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as the Agent’s receipt of the commencement date of Company’s notice, advise the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend Company whether or not it agrees to extend the Existing Maturity Date with respect requested extension (each Lender agreeing to its Commitment. Any Lender which shall not timely notify the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election a requested extension being referred to as called a “Terminating Consenting Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election of any each Lender declining to agree to a requested extension being called a “Declining Lender”). Any Lender that has not so advised the Company and the Agent by such day shall not obligate any other Lender be deemed to have declined to agree to such requested extension and shall be a Declining Lender. If Lenders constituting the Required Lenders shall have agreed to a Maturity Date extension request, then the Maturity Date shall, as to the Consenting Lenders, be extended to the first anniversary of the Existing Maturity Date. The decision of any Lender to agree or withhold agreement to any extension request shall be at the sole discretion of such Lender. The Commitment of any Declining Lender shall terminate on the Existing Maturity Date. The principal amount of any outstanding Loans made by Declining Lenders, together with any accrued interest thereon and any accrued fees and other amounts payable to or for the accounts of such Declining Lenders hereunder, shall (in each case, solely with respect to such Declining Lenders and no other Lenders) be due and payable on the Existing Maturity Date, and on the Existing Maturity Date each Borrower shall also make such other prepayments of its Loans as shall be required in order that, after giving effect to such prepayments and to the termination of the Commitments of, and all payments to, Declining Lenders pursuant to this sentence, (a) the Aggregate Outstanding Credit Exposure shall not exceed the Aggregate Commitment, (b) the Revolving Credit Exposure of any Lender shall not exceed its Commitment and (c) the Borrower Credit Exposure of either Borrower shall not exceed the Borrower Sublimit of such Borrower. Notwithstanding the foregoing, no extension of the Maturity Date shall become effective under this Section unless (i) on the effective date of such extension, the conditions set forth in Section 4.2 (it being understood and agreed that (A) all references to the “Credit Extension Date” therein shall be deemed to refer to such effective date and (B) all references to the “Restatement Effective Date” in (x) Section 4.2.2 as it relates to Sections 5.5, 5.7 and 5.12(ii) and (y) in Sections 5.5, 5.7 and 5.12(ii) shall be deemed to refer to such effective date for purposes of determining satisfaction of the conditions set forth in Section 4.2 as of such date) shall be satisfied as of such date (as though the effectiveness of such extension were a Credit Extension) and (ii) the Agent shall have received a certificate to that effect dated such effective date and executed by an Authorized Officer of the Company. Notwithstanding any other provision of this Agreement, no Issuing Bank shall have any obligation to issue any Letter of Credit expiring after the Existing Maturity Date, or to amend, renew or extend any Letter of Credit such that it would expire after the Existing Maturity Date, unless such Issuing Bank shall have consented to the applicable Maturity Date extension (such consent to be deemed given if such Issuing Bank is a Consenting Lender).

Appears in 2 contracts

Samples: Credit Agreement (Ameren Illinois Co), Credit Agreement (Ameren Illinois Co)

Extension of Maturity Date. The Borrower may, upon not less than 30 days’ (abut not more than 45 days’) On any notice prior to each anniversary of the Closing Date prior to the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Restatement Date (the “Existing Maturity Current Anniversary Date”) to the Administrative Agent (which shall notify each Bank of receipt of such request), propose to extend the Maturity Date for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend measured from the Maturity Date for a maximum two then in effect. Each Bank shall endeavor to respond to such request, whether affirmatively or negatively (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially determination to be in the form attached hereto as Exhibit 2.8(a) (the “Extension sole discretion of Maturity Date Request”) such Bank), by notice to the Administrative Agent in writing not less than 30 20 days and (but not more than 90 30 days) prior to the Current Anniversary Date. The Administrative Agent shall, upon not less than 15 days’ notice prior to the Current Anniversary Date, notify the Borrower in writing of the Banks’ decisions. No Maturity Date of any Bank shall be extended unless (i) by the date 20 days prior to any anniversary the Maturity Date then in effect Banks having at least 50% in aggregate amount of the Closing Date, Commitments in effect at the time any such extension is requested shall have elected so long to extend their Commitments and (ii) the Administrative Agent shall have received a certificate signed by a Designated Officer dated as (i) each of such extension date in form and substance satisfactory to the Administrative Agent stating that the representations and warranties contained in Section 7 and in the other Credit Documents shall be 5 are true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as and that no state of such specific date) and (ii) no facts constituting a Default or an Event of Default shall have has occurred and be continuing on the date of is continuing. Any Bank which does not give such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and to the Administrative Agent by the date 20 days prior to the Maturity Date then in writing of its election effect shall be deemed to extend or have elected not to extend as requested, and the Existing Commitment of each non-extending Bank shall terminate on its Maturity Date with respect determined without giving effect to its Commitmentsuch requested extension. Any Lender which shall If any Bank does not timely notify consent to a request for an extension of the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date shall be Date, or is deemed not to have elected consented to extend the Existing requested extension (each, a “Declining Bank”), and the Maturity Date has been extended for the other Bank(s) (the “Extending Banks”), the Borrower may, prior to the end of the Current Anniversary Date, replace such Declining Bank with respect one or more third party financial institutions acceptable to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent or increase the Commitment of an election not Extending Bank, in an amount equal to extend or fails to timely notify the Borrowers and amount of the Administrative Agent Commitments of its election being referred to the Declining Banks, provided that, as a “Terminating Lender” and all such Lenders, collectivelyprovided in Section 2.13, the “Terminating Lenders”). The election Extending Banks shall have the right to increase their Commitments ratably up to the amount of any Lender the Declining Banks’ Commitments before the Borrower will be permitted to agree to a requested extension shall not obligate substitute any other Lender to agree to such requested extensionfinancial institution for the Declining Banks.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Avery Dennison Corporation), Revolving Credit Agreement (Avery Dennison Corporation)

Extension of Maturity Date. (a) On any anniversary The Borrower may, by delivery of a Maturity Date Extension Request to the Administrative Agent (which shall promptly deliver a copy thereof to each of the Closing Date Lenders) not less than 30 days prior to the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Date then existing maturity date for Commitments hereunder (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided , request that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to Lenders extend the Existing Maturity Date in accordance with this Section; provided that the Borrower may not make more than two Maturity Date Extension Requests during the term of this Agreement. Each Maturity Date Extension Request shall (i) specify the date to which the Maturity Date is sought to be extended; provided that such date is no more than one calendar year from the then scheduled Maturity Date, (ii) specify the changes, if any, to the Applicable Rate to be applied in determining the interest payable on Loans of, and fees payable hereunder to, Consenting Lenders (as defined below) in respect of that portion of their Commitments (and related Loans) extended to such new Maturity Date and the time as of which such changes will become effective (which may be prior to the Existing Maturity Date), and (iii) specify any other amendments or modifications to this Agreement to be effected in connection with such Maturity Date Extension Request, provided that no such changes or modifications requiring approvals pursuant to Section 9.2(b) shall become effective prior to the then existing Maturity Date unless such other approvals have been obtained. In the event a Maturity Date Extension Request shall have been delivered by the Borrower, each Lender shall have the right to agree to the extension of the Existing Maturity Date and other matters contemplated thereby on the terms and subject to the conditions set forth therein (each Lender agreeing to the Maturity Date Extension Request being referred to herein as a “Consenting Lender” and each Lender not agreeing thereto being referred to herein as a “Declining Lender”), which right may be exercised by written notice thereof, specifying the maximum amount of the Commitment of such Lender with respect to its Commitment. Any which such Lender which shall agrees to the extension of the Maturity Date, delivered to the Borrower (with a copy to the Administrative Agent) not timely notify later than a day to be agreed upon by the Borrowers Borrower and the Administrative Agent following the date on which the Maturity Date Extension Request shall have been delivered by the Borrower (it being understood that any Lender that shall have failed to exercise such right as set forth above shall be deemed to be a Declining Lender). If a Lender elects to extend only a portion of its election then existing Commitment, it will be deemed for purposes hereof to extend be a Consenting Lender in respect of such extended portion and a Declining Lender in respect of the remaining portion of its Commitment. If Consenting Lenders shall have agreed to such Maturity Date Extension Request in respect of Commitments held by them, then, subject to paragraph (d) of this Section, on the date specified in the Maturity Date Extension Request as the effective date thereof (the “Extension Effective Date”), (i) the Existing Maturity Date of the applicable Commitments shall, as to the Consenting Lenders, be extended to such date as shall be specified therein, (ii) the terms and conditions of the Commitments of the Consenting Lenders (including interest and fees payable in respect thereof), shall be modified as set forth in the Maturity Date Extension Request and (iii) such other modifications and amendments hereto specified in the Maturity Date Extension Request shall (subject to any required approvals (including those of the Required Lenders having been obtained, if applicable), except that any such other modifications and amendments that do not take effect until the Existing Maturity Date shall be deemed not to have elected to extend require the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election consent of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionthan the Consenting Lenders) become effective.

Appears in 2 contracts

Samples: Credit Agreement, Revolving Credit Agreement (Zynga Inc)

Extension of Maturity Date. (a) On any anniversary The Borrower may, by delivery of a Maturity Date Extension Request to the Administrative Agent (who shall promptly deliver a copy thereof to each of the Closing Date Lenders) not less than 30 days prior to the Maturity Date, the Borrowers may request to extend the then-applicable then existing Final Maturity Date for the applicable Class of Loans hereunder to be extended (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided , request that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to Lenders extend the Existing Maturity Date in accordance with this Section. Each Maturity Date Extension Request shall specify (i) the applicable Class of Loans hereunder to be extended, (ii) the date to which the applicable Final Maturity Date is sought to be extended, (iii) the changes, if any, to the Applicable Margin to be applied in determining the interest payable on the Loans of, and fees payable hereunder to, Consenting Lenders (as defined below) in respect of that portion of their Loans extended to such new Final Maturity Date and the time as of which such changes will become effective (which may be prior to the Existing Maturity Date) and (iv) any other amendments or modifications to this Agreement to be effected in connection with such Maturity Date Extension Request; provided that no such changes or modifications requiring approvals pursuant to the provisos in Section 12.02(a) shall become effective prior to the then Existing Maturity Date unless such other approvals have been obtained. In the event a Maturity Date Extension Request shall have been delivered by the Borrower, each Lender of the applicable Class shall have the right to agree to the extension of the Existing Maturity Date for such Class and other matters contemplated thereby on the terms and subject to the conditions set forth therein (each Lender agreeing to the Maturity Date Extension Request being referred to herein as a “Consenting Lender” and each Lender not agreeing thereto being referred to herein as a “Declining Lender”), which right may be exercised by written notice thereof, specifying the maximum principal amount of the Loans of such Class of such Lender with respect to its Commitment. Any which such Lender which shall agrees to the extension of the Final Maturity Date, delivered to the Borrower (with a copy to the Administrative Agent) not timely notify later than a day to be agreed upon by the Borrowers Borrower and the Administrative Agent following the date on which the Maturity Date Extension Request shall have been delivered by the Borrower (it being understood and agreed that any Lender that shall have failed to exercise such right as set forth above shall be deemed to be a Declining Lender). If a Lender elects to extend only a portion of its election then existing Loans of the applicable Class, it will be deemed for purposes hereof to extend be a Consenting Lender in respect of such extended portion and a Declining Lender in respect of the remaining portion of its Loans of such Class, and the aggregate principal amount of each Type of Loans of the applicable Class of such Lender shall be allocated ratably among the extended and non-extended portions of the Loans of such Lender based on the aggregate principal amount of such Loans so extended and not extended. If Consenting Lenders shall have agreed to such Maturity Date Extension Request in respect of Loans held by them, then, subject to paragraph (d) of this Section, on the date specified in the Maturity Date Extension Request as the effective date thereof (the “Extension Effective Date”), (i) the Existing Maturity Date of the applicable Loans shall, as to the Consenting Lenders, be extended to such date as shall be deemed not to have elected to extend specified therein, (ii) the Existing terms and conditions of the applicable Loans of the Consenting Lenders (including interest and fees payable in respect thereof) shall be modified as set forth in the Maturity Date with respect Extension Request and (iii) such other modifications and amendments hereto specified in the Maturity Date Extension Request shall (subject to its Commitment any required approvals (any Lender who timely notifies including those of the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Required Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extension) having been obtained) become effective.

Appears in 2 contracts

Samples: Credit Agreement (Gannett Co., Inc.), First Lien Credit Agreement (Gannett Co., Inc.)

Extension of Maturity Date. (a) On any anniversary of the Closing Date prior to the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date Provided that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred exists as of the date of the request, the Borrower may, by irrevocable written notice ("Request") to the Administrative Agent and be continuing on each Lender delivered no earlier than 60 days and no later than 30 days before the then-applicable Maturity Date, request the Lenders to extend the Maturity Date to the date that is 364 days after the then-current Maturity Date. Each Lender shall, no later than 20 days after the date of such Request, give written notice and as of to the commencement date of Administrative Agent stating whether such Lender agrees to extend the relevant Extension Period. Each LenderMaturity Date, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from . If the Administrative AgentAgent receives such agreement by such date from each of the Lenders, notify provided there exists no Default or Event of Default on the Borrowers then-current Maturity Date, the Maturity Date shall be extended for 364 days and the Administrative Agent shall promptly notify the Lenders and the Borrower of such extension. If any Lender fails to respond to the Request within the time specified above, it shall be deemed to have declined the Request. If less than all the Lenders shall agree to such extension, the extension contemplated in writing of its election to extend or not to extend the Existing Maturity Date this Section may nonetheless occur with respect to its Commitmentthe consenting Lenders, provided that any such extension shall be conditioned upon an agreement to such extension by Lenders with at least 75% of the aggregate Commitments. Any Lender The Administrative Agent shall notify the Borrower and each of the Lenders as to which Lenders have agreed to such extension and as to the new Maturity Date as a result thereof, or that such extension shall not timely notify occur, as the Borrowers and case may be. In the Administrative Agent of its election to extend event that the Existing Maturity Date shall be deemed is extended by some but not to have elected to extend all of the Existing Lenders, on the existing Maturity Date for any Lender not extending (each a "Non-Continuing Lender"), the Borrower shall repay all Loans of such Non-Continuing Lender, together with all accrued and unpaid interest thereon, and all fees and other amounts (including amounts arising under Section 3.05(a)) owing to such Non-Continuing Lender, and upon such payment each such Non-Continuing Lender shall cease to constitute a Lender hereunder, except with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent indemnification provisions of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to this Agreement, which shall survive as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionNon-Continuing Lender.

Appears in 2 contracts

Samples: Credit Agreement (Harris Corp /De/), Credit Agreement (Harris Corp /De/)

Extension of Maturity Date. (a) On any anniversary The Borrower may, by delivery of a Maturity Date Extension Request to the Administrative Agent (which shall promptly deliver a copy thereof to each of the Closing Date Lenders) not less than 30 days prior to the Maturity Date, the Borrowers may request to extend the then-applicable existing Maturity Date for the applicable Class of Commitments and/or Loans hereunder to be extended (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to ), request that the date that is one year after Lenders extend the Existing Maturity Date (the “Requested Maturity Date”)in accordance with this Section; provided that that, for the Borrowers avoidance of doubt, each Lender may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) elect to the Administrative Agent agree or not less than 30 days and not more than 90 days prior to any anniversary of the Closing Dateagree, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shallto an extension of a Maturity Date. Each Maturity Date Extension Request shall (i) specify the applicable Class of Commitments and/or Loans hereunder to be extended, (ii) specify the date to which the applicable Maturity Date is sought to be extended, (iii) specify the changes, if any, to the Applicable Rate to be applied in determining the interest payable on the Loans of, and fees payable hereunder to, Consenting Lenders (as defined below) in respect of that portion of their Commitments and/or Loans extended to such new Maturity Date and the time as of which such changes will become effective (which may be prior to the Existing Maturity Date) and (iv) specify any other amendments or modifications to this Agreement to be effected in connection with such Maturity Date Extension Request; provided that no such changes or modifications requiring approvals pursuant to the provisos to Section 9.02(b) shall become effective prior to the Existing Maturity Date unless such other approvals have been obtained. In the event a Maturity Date Extension Request shall have been delivered by the Borrower, each Lender shall have the right to agree to the extension of the Existing Maturity Date and other matters contemplated thereby on the terms and subject to the conditions set forth therein (each Lender agreeing to the Maturity Date Extension Request being referred to herein as a “Consenting Lender” and each Lender not agreeing thereto being referred to herein as a “Declining Lender”), which right may be exercised by written notice thereof, specifying the maximum amount of the Commitment and/or Loans of such Lender with respect to which such Xxxxxx agrees to the extension of the Maturity Date, delivered to the Borrower (with a copy to the Administrative Agent) not later than a date 30 days after its receipt of any such notice from day to be agreed upon by the Administrative Agent, notify the Borrowers Borrower and the Administrative Agent in writing following the date on which the Maturity Date Extension Request shall have been delivered by the Borrower (it being understood and agreed that any Lender that shall have failed to exercise such right as set forth above shall be deemed to be a Declining Lender). If a Lender elects to extend only a portion of its election then existing Commitment and/or Loans, it will be deemed for purposes hereof to extend or be a Consenting Lender in respect of such extended portion and a Declining Lender in respect of the remaining portion of its Commitment and/or Loans, and the aggregate principal amount of each Type and currency of Loans of the applicable Class of such Lender shall be allocated ratably among the extended and non-extended portions of the Loans of such Lender based on the aggregate principal amount of such Loans so extended and not extended. If Consenting Lenders shall have agreed to extend such Maturity Date Extension Request in respect of Commitments and/or Loans held by them, then, subject to paragraph (d) of this Section, on the date specified in the Maturity Date Extension Request as the effective date thereof (the “Extension Effective Date”), (i) the Existing Maturity Date with of the applicable Commitments and/or Loans shall, as to the Consenting Lenders, be extended to such date as shall be specified therein, (ii) the terms and conditions of the applicable Commitments and/or Loans of the Consenting Lenders (including interest and fees (including Letter of Credit fees) payable in respect to its Commitment. Any Lender which thereof) shall not timely notify be modified as set forth in the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date shall be deemed not to have elected to extend Extension Request and (iii) such other modifications and amendments hereto specified in the Existing Maturity Date with respect Extension Request shall (subject to its Commitment any required approvals (any Lender who timely notifies including those of the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Required Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extension) having been obtained) become effective.

Appears in 2 contracts

Samples: Credit Agreement (Resideo Technologies, Inc.), Credit Agreement (Resideo Technologies, Inc.)

Extension of Maturity Date. (a) On any anniversary The Borrower may, by delivery of a Maturity Date Extension Request to the Administrative Agent (which shall promptly deliver a copy thereof to each 122 of the Closing Date Lenders) not less than 30 days prior to the Maturity Date, the Borrowers may request to extend the then-applicable existing Maturity Date for the applicable Class of Commitments and/or Loans hereunder to be extended (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to ), request that the date that is one year after Lenders extend the Existing Maturity Date (the “Requested Maturity Date”)in accordance with this Section; provided that that, for the Borrowers avoidance of doubt, each Lender may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) elect to the Administrative Agent agree or not less than 30 days and not more than 90 days prior to any anniversary of the Closing Dateagree, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shallto an extension of a Maturity Date. Each Maturity Date Extension Request shall (i) specify the applicable Class of Commitments and/or Loans hereunder to be extended, (ii) specify the date to which the applicable Maturity Date is sought to be extended, (iii) specify the changes, if any, to the Applicable Rate to be applied in determining the interest payable on the Loans of, and fees payable hereunder to, Consenting Lenders (as defined below) in respect of that portion of their Commitments and/or Loans extended to such new Maturity Date and the time as of which such changes will become effective (which may be prior to the Existing Maturity Date) and (iv) specify any other amendments or modifications to this Agreement to be effected in connection with such Maturity Date Extension Request; provided that no such changes or modifications requiring approvals pursuant to the provisos to Section 9.02(b) shall become effective prior to the Existing Maturity Date unless such other approvals have been obtained. In the event a Maturity Date Extension Request shall have been delivered by the Borrower, each Lender shall have the right to agree to the extension of the Existing Maturity Date and other matters contemplated thereby on the terms and subject to the conditions set forth therein (each Lender agreeing to the Maturity Date Extension Request being referred to herein as a “Consenting Lender” and each Lender not agreeing thereto being referred to herein as a “Declining Lender”), which right may be exercised by written notice thereof, specifying the maximum amount of the Commitment and/or Loans of such Lender with respect to which such Lender agrees to the extension of the Maturity Date, delivered to the Borrower (with a copy to the Administrative Agent) not later than a date 30 days after its receipt of any such notice from day to be agreed upon by the Administrative Agent, notify the Borrowers Borrower and the Administrative Agent in writing following the date on which the Maturity Date Extension Request shall have been delivered by the Borrower (it being understood and agreed that any Lender that shall have failed to exercise such right as set forth above shall be deemed to be a Declining Lender). If a Lender elects to extend only a portion of its election then existing Commitment and/or Loans, it will be deemed for purposes hereof to extend or be a Consenting Lender in respect of such extended portion and a Declining Lender in respect of the remaining portion of its Commitment and/or Loans, and the aggregate principal amount of each Type and currency of Loans of the applicable Class of such Lender shall be allocated ratably among the extended and non-extended portions of the Loans of such Lender based on the aggregate principal amount of such Loans so extended and not extended. If Consenting Lenders shall have agreed to extend such Maturity Date Extension Request in respect of Commitments and/or Loans held by them, then, subject to paragraph (d) of this Section, on the date specified in the Maturity Date Extension Request as the effective date thereof (the “Extension Effective Date”), (i) the Existing Maturity Date with of the applicable Commitments and/or Loans shall, as to the Consenting Lenders, be extended to such date as shall be specified therein, (ii) the terms and conditions of the applicable Commitments and/or Loans of the Consenting Lenders (including interest and fees (including Letter of Credit fees) payable in respect thereof) shall be modified as set forth in the Maturity Date Extension Request and (iii) such other modifications and amendments hereto specified in the Maturity Date Extension Request shall (subject to its Commitmentany required approvals (including 123 those of the Required Lenders) having been obtained) become effective. Any Lender which For the avoidance of doubt, the obligation of any Issuing Bank to issue Letters of Credit under this Agreement shall not timely notify be extended beyond the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date shall be deemed not to have elected to extend applicable thereto without the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent consent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionIssuing Bank.

Appears in 2 contracts

Samples: Credit Agreement (Arconic Rolled Products Corp), Credit Agreement (Arconic Inc.)

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Extension of Maturity Date. (a) On any anniversary The Borrower may, by delivery of a Maturity Date Extension Request to the Administrative Agent (which shall promptly deliver a copy thereof to each of the Closing Date Lenders and the Issuing Banks) not less than 30 days prior to the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Date then existing maturity date for Commitments hereunder (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to ), request that the date that is one year after Lenders and the Issuing Banks extend the Existing Maturity Date (the “Requested Maturity Date”)in accordance with this Section; provided that the Borrowers Borrower may extend not make more than two Maturity Date Extension Requests during the term of this Agreement. Each Maturity Date Extension Request shall (i) specify the date to which the Maturity Date for is sought to be extended; provided that such date is no more than one calendar year from the then scheduled Maturity Date, (ii) specify the changes, if any, to the Applicable Rate to be applied in determining the interest payable on Loans of, and fees payable hereunder to, Consenting Lenders (as defined below) in respect of that portion of their Commitments (and related Loans) extended to such new Maturity Date and the time as of which such changes will become effective (which may be prior to the Existing Maturity Date), and (iii) specify any other amendments or modifications to this Agreement to be effected in connection with such Maturity Date Extension Request, provided that no such changes or modifications requiring approvals pursuant to Section 10.2(b) shall become effective prior to the then existing Maturity Date unless such other approvals have been obtained. In the event a Maturity Date Extension Request shall have been delivered by the Borrower, each Lender shall have the right to agree or not agree to the extension of the Existing Maturity Date and other matters contemplated thereby on the terms and subject to the conditions set forth therein (each Lender agreeing to the Maturity Date Extension Request being referred to herein as a “Consenting Lender” and each Lender not agreeing thereto being referred to herein as a “Declining Lender”), which right may be exercised by written notice thereof, specifying the maximum two amount of its Commitment and, if such Lender (2or a designated Affiliate of such Lender) is then serving as an Issuing Bank, its (or its designated Affiliate’s) Issuing Bank Sublimit, with respect to which such Lender agrees to the extension of the Maturity Date, delivered to the Borrower (with a copy to the Administrative Agent) not later than a day to be agreed upon by the Borrower and the Administrative Agent following the date on which the Maturity Date Extension Periods. The Borrowers may make Request shall have been delivered by the Borrower (it being understood (x) that any Lender that shall have failed to exercise such request in right as set forth above shall be deemed to be a notice given as herein provided Declining Lender and substantially (y) that, in the form attached hereto case of any Lender then serving (or whose designated Affiliate is then serving) as Exhibit 2.8(aan Issuing Bank, (I) the Issuing Bank Sublimit of such Lender (or such designated Affiliate) shall not be extended in connection with an extension of such Lender’s Commitments unless so specified by such Lender (or such designated Affiliate), in its capacity as Issuing Bank, in such written notice to the Borrower and (II) for purposes of Section 2.4(a), the “Maturity Date” applicable to Letters of Credit of an Issuing Bank that has not extended its Issuing Bank Sublimit will be the Maturity Date in respect of such Letter of Credit Sublimit that has not been extended). If a Lender elects to extend only a portion of its then existing Commitment, it will be deemed for purposes hereof to be a Consenting Lender in respect of such extended portion and a Declining Lender in respect of the remaining portion of its Commitment. If Consenting Lenders shall have agreed to such Maturity Date Extension Request in respect of Commitments held by them, then, subject to paragraph (d) of this Section, on the date specified in the Maturity Date Extension Request as the effective date thereof (the “Extension of Maturity Date RequestEffective Date) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date), so long as (i) each the Existing Maturity Date of the representations and warranties contained in Section 7 and in applicable Commitments shall, as to the other Credit Documents Consenting Lenders, be extended to such date as shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (orspecified therein, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred the terms and be continuing on the date of such notice and as conditions of the commencement date Commitments of the relevant Consenting Lenders (including interest and fees payable in respect thereof), shall be modified as set forth in the Maturity Date Extension Period. Each LenderRequest, acting (iii) such other modifications and amendments hereto specified in its sole discretionthe Maturity Date Extension Request shall (subject to any required approvals (including those of the Required Lenders) having been obtained, shall, except that any such other modifications and amendments that do not later than a date 30 days after its receipt take effect until the Existing Maturity Date shall not require the consent of any such notice from Lender other than the Administrative Agent, notify Consenting Lenders) become effective and (iv) in the Borrowers and the Administrative Agent in writing case of its election to extend any Consenting Lender then serving (or whose designated Affiliate is then serving) as an Issuing Bank that shall not have agreed to extend the Existing Maturity Date with respect to its Commitment. Any Lender which Issuing Bank Sublimit, or shall not timely notify the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date shall be deemed not to have elected agreed to extend the Existing Maturity Date with respect to less than the entire amount of its Commitment (any Lender who timely notifies Issuing Bank Sublimit, such Issuing Bank shall not have the Borrowers and the Administrative Agent of an election not obligation to issue, amend, extend or fails increase Letters of Credit following the Extension Effective Date, if after giving effect to timely notify any such issuance, amendment, extension or increase, the Borrowers and Letter of Credit Usage attributable to Letters of Credit issued by such Issuing Bank that have a stated expiration date after the Administrative Agent date that is five days prior to the Existing Maturity Date with respect to the non-extended portion of its election being referred to as a “Terminating Lender” and all Issuing Bank Sublimit would exceed the extended portion (if any) of such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionIssuing Bank Sublimit.

Appears in 2 contracts

Samples: Second Amendment and Restatement Agreement (Dropbox, Inc.), Amendment and Restatement Agreement (Dropbox, Inc.)

Extension of Maturity Date. The Company, on behalf of both Borrowers, may, on not more than two occasions during the term of this Agreement, by written notice to the Agent (awhich shall promptly deliver a copy to each of the Lenders) On delivered not fewer than 45 days, and not more than 90 days (or such shorter or longer period, respectively, as may otherwise be agreed to by the Agent and the Company), before any anniversary of the Closing Date prior to the Maturity Restatement Effective Date, request that the Borrowers may request to Lenders extend the then-applicable then effective Maturity Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) of one year, effective as of a date specified in such notice. Each Lender shall, by notice to the date that is one year Company and the Agent given not later than the 20th day after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as the Agent’s receipt of the commencement date of Company’s notice, advise the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend Company whether or not it agrees to extend the Existing Maturity Date with respect requested extension (each Lender agreeing to its Commitment. Any Lender which shall not timely notify the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election a requested extension being referred to as called a “Terminating Consenting Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election of any each Lender declining to agree to a requested extension being called a “Declining Lender”). Any Lender that has not so advised the Company and the Agent by such day shall not obligate any other Lender be deemed to have declined to agree to such requested extension and shall be a Declining Lender. If Lenders constituting the Required Lenders shall have agreed to a Maturity Date extension request, then the Maturity Date shall, as to the Consenting Lenders, be extended to the first anniversary of the Existing Maturity Date. The decision of any Lender to agree or withhold agreement to any extension request shall be at the sole discretion of such Lender. The Commitment of any Declining Lender shall terminate on the Existing Maturity Date. The principal amount of any outstanding Loans made by Declining Lenders, together with any accrued interest thereon and any accrued fees and other amounts payable to or for the accounts of such Declining Lenders hereunder, shall (in each case, solely with respect to such Declining Lenders and no other Lenders) be due and payable on the Existing Maturity Date, and on the Existing Maturity Date each Borrower shall also make such other prepayments of its Loans as shall be required in order that, after giving effect to such prepayments and to the termination of the Commitments of, and all payments to, Declining Lenders pursuant to this sentence, (a) the Aggregate Outstanding Credit Exposure shall not exceed the Aggregate Commitment, (b) the Revolving Credit Exposure of any Lender shall not exceed its Commitment and (c) the Borrower Credit Exposure of either Borrower shall not exceed the Borrower Sublimit of such Borrower. Notwithstanding the foregoing, no extension of the Maturity Date shall become effective under this Section unless (i) on the effective date of such extension, the conditions set forth in Section 4.2 (it being understood and agreed that (A) all references to the “Credit Extension Date” therein shall be deemed to refer to such effective date and (B) all references to the “Restatement Effective Date” in (x) Section 4.2.2 as it relates to Sections 5.5, 5.7 and 5.12(ii) and (y) in Sections 5.5, 5.7 and 5.12(ii) shall be deemed to refer to such effective date for purposes of determining satisfaction of the conditions set forth in Section 4.2 as of such date) shall be satisfied as of such date (as though the effectiveness of such extension were a Credit Extension) and (ii) the Agent shall have received a certificate to that effect dated such effective date and executed by an Authorized Officer of the Company.

Appears in 2 contracts

Samples: Credit Agreement (Union Electric Co), Credit Agreement (Union Electric Co)

Extension of Maturity Date. (a) On any anniversary of a)The Borrower shall have the Closing Date prior to the Maturity Date, the Borrowers may request option to extend the then-applicable Initial Maturity Date of the Facility to the Initial Extended Maturity Date (the “Existing Maturity DateInitial Extension Option), subject to satisfaction of the following conditions (in the sole but good faith discretion of the Lender): (a) for an additional one-year period the Borrower shall have given the Lender written notice (each, an “Extension PeriodNotice”) of the Borrower’s request to exercise the Initial Extension Option, at least sixty (60), but not more than one hundred twenty (120) days prior to the Initial Maturity Date; (b) the Borrower shall have paid or caused to be paid the non-refundable Extension Fee on or before the date that the applicable Initial Extension Option is one year after the Existing Maturity Date effective (such date of effectiveness, the “Requested Maturity Initial Extension Effective Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (iic) no Default or Event of Default shall have occurred and be continuing on at the date of such notice and as time of, or any time after, the delivery of the commencement date Extension Notice; (d) no event of default under any of the relevant Property Loan Documents constituting Material Debt shall have occurred and be continuing at the time of, or any time after, the delivery of the Extension Period. Each LenderNotice; (e) the Borrower shall have paid all third-party costs and expenses and all other reasonable and documented costs and expenses actually incurred by the Lender in connection with such extension, acting in its sole discretionincluding without limitation, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers underwriting and title costs and the Administrative Agent costs and reasonable and documented expenses of legal counsel; (f) all representations and warranties set forth in writing of its election to extend or not to extend the Existing Maturity Date with respect to its Commitment. Any Lender which shall not timely notify the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date Loan Documents shall be deemed not true and correct as if remade on such date, after giving effect to changes in facts or circumstances since the Closing Date permitted by the Loan Documents and disclosed to the Lenders in writing; (g) the Borrower and its Subsidiaries are in compliance with the covenants contained in Section 5.04 immediately before and, on a pro forma basis, immediately after such extension, together with supporting information demonstrating such compliance; and (h) the Borrower shall have elected to extend provided such other information as is otherwise reasonably requested by the Existing Maturity Date Lender in connection with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extension.

Appears in 2 contracts

Samples: Credit Agreement (Trinity Place Holdings Inc.), Credit Agreement (Trinity Place Holdings Inc.)

Extension of Maturity Date. (a) On any anniversary The Company may, by delivery of the Closing Date prior to the Maturity Date, the Borrowers may request to extend the then-applicable a Maturity Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) Request to the Administrative Agent (which shall promptly deliver a copy to each of the Lenders) not less than 30 45 days and not more than 90 85 days prior to any anniversary of the Closing Effective Date, so long as (i) each request that the Lenders extend the Maturity Date for an additional period of one year; provided that there shall be no more than two extensions of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated Maturity Date pursuant to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Periodthis Section. Each Lender, acting in its sole discretion, Lender shall, not later than a date 30 days after its receipt of any such by notice from to the Administrative Agent, notify the Borrowers Company and the Administrative Agent in writing given not later than the 20th day after the date of its election to extend the Administrative Agent’s receipt of the Company’s Maturity Date Extension Request, advise the Company whether or not it agrees to extend the Existing Maturity Date with respect requested extension (each Lender agreeing to its Commitment. Any Lender which shall not timely notify the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election a requested extension being referred to as called a “Terminating Consenting Lender”, and all such Lenders, collectively, the “Terminating Lenders”). The election of any each Lender declining to agree to a requested extension being called a “Declining Lender”). Any Lender that has not so advised the Company and the Administrative Agent by such day shall not obligate any other Lender be deemed to have declined to agree to such requested extensionextension and shall be a Declining Lender. If Lenders constituting the Required Lenders shall have agreed to a Maturity Date Extension Request, then the Maturity Date shall, as to the Consenting Lenders, be extended to the first anniversary of the Maturity Date theretofore in effect. The decision to agree or withhold agreement to any Maturity Date Extension Request shall be at the sole discretion of each Lender. The Commitment of any Declining Lender shall terminate on the Maturity Date in effect prior to giving effect to any such extension (such Maturity Date being called the “Existing Maturity Date”). The principal amount of any outstanding Loans made by Declining Lenders, together with any accrued interest thereon and any accrued fees and other amounts payable to or for the account of such Declining Lenders hereunder, shall be due and payable on the Existing Maturity Date, and on the Existing Maturity Date the Borrowers shall also make such other prepayments of their Loans pursuant to Section 2.11 as shall be required in order that, after giving effect to the termination of the Commitments of, and all payments to, Declining Lenders pursuant to this sentence, the sum of the Revolving Credit Exposures plus the Competitive Loan Exposure would not exceed the total Commitments. Notwithstanding the foregoing provisions of this paragraph, the Company shall have the right, pursuant to Section 2.19(b), at any time prior to the Existing Maturity Date, to replace a Declining Lender with a Lender or other financial institution that will agree to the applicable Maturity Date Extension Request, and any such replacement Lender shall for all purposes constitute a Consenting Lender. Notwithstanding the foregoing, no extension of the Maturity Date pursuant to this paragraph shall become effective unless on the anniversary of the Effective Date that immediately follows the date on which the Company delivers the applicable Maturity Date Extension Request, the conditions set forth in Section 4.02 shall be satisfied (without giving effect to the first parenthetical in Section 4.02(a)) and the Administrative Agent shall have received a certificate to that effect dated such date and executed by a Financial Officer of the Company.

Appears in 2 contracts

Samples: Credit Agreement (Brown Forman Corp), Credit Agreement (Brown Forman Corp)

Extension of Maturity Date. (a) On any anniversary The Borrower may, by delivery of a Maturity Date Extension Request to the Administrative Agent (which shall promptly deliver a copy thereof to each of the Closing Date Lenders) not less than 30 days prior to the Maturity Date, the Borrowers may request to extend the then-applicable existing Maturity Date for the applicable Class of Loans hereunder to be extended (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided , request that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to Lenders extend the Existing Maturity Date in accordance with this Section. Each Maturity Date Extension Request shall (i) specify the applicable Class of Loans hereunder to be extended, (ii) specify the date to which the applicable Maturity Date is sought to be extended, (iii) specify the changes, if any, to the Applicable Rate to be applied in determining the interest payable on the Loans of, and fees payable hereunder to, Consenting Lenders (as defined below) in respect of that portion of their Loans extended to such new Maturity Date and the time as of which such changes will become effective (which may be prior to the Existing Maturity Date) and (iv) specify any other amendments or modifications to this Agreement to be effected in connection with such Maturity Date Extension Request; provided that no such changes or modifications requiring approvals pursuant to the provisos to Section 9.02(b) shall become effective prior to the Existing Maturity Date unless such other approvals have been obtained. In the event a Maturity Date Extension Request shall have been delivered by the Borrower, each Lender shall have the right to agree to the extension of the Existing Maturity Date and other matters contemplated thereby on the terms and subject to the conditions set forth therein (each Lender agreeing to the Maturity Date Extension Request being referred to herein as a “Consenting Lender” and each Lender not agreeing thereto being referred to herein as a “Declining Lender”), which right may be exercised by written notice thereof, specifying the maximum amount of the Commitment and/or Loans of such Lender with respect to its Commitment. Any which such Lender which shall agrees to the extension of the Maturity Date, delivered to the Borrower (with a copy to the Administrative Agent) not timely notify later than a day to be agreed upon by the Borrowers Borrower and the Administrative Agent following the date on which the Maturity Date Extension Request shall have been delivered by the Borrower (it being understood and agreed that any Lender that shall have failed to exercise such right as set forth above shall be deemed to be a Declining Lender). If a Lender elects to extend only a portion of its election then existing Commitment and/or Loans, it will be deemed for purposes hereof to extend be a Consenting Lender in respect of such extended portion and a Declining Lender in respect of the remaining portion of its Commitment and/or Loans, and the aggregate principal amount of each Type of Loans of the applicable Class of such Lender shall be allocated ratably among the extended and non-extended portions of the Loans of such Lender based on the aggregate principal amount of such Loans so extended and not extended. If Consenting Lenders shall have agreed to such Maturity Date Extension Request in respect of Commitments and/or Loans held by them, then, subject to paragraph (d) of this Section, on the date specified in the Maturity Date Extension Request as the effective date thereof (the “Extension Effective Date”), (i) the Existing Maturity Date of the applicable Commitments and/or Loans shall, as to the Consenting Lenders, be extended to such date as shall be deemed not to have elected to extend specified therein, (ii) the Existing terms and conditions of the applicable Commitments and/or Loans of the Consenting Lenders (including interest and fees (including Letter of Credit fees) payable in respect thereof) shall be modified as set forth in the Maturity Date with respect Extension Request and (iii) such other modifications and amendments hereto specified in the Maturity Date Extension Request shall (subject to its Commitment any required approvals (any Lender who timely notifies including those of the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Required Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extension) having been obtained) become effective.

Appears in 2 contracts

Samples: Credit Agreement (Affinia Group Intermediate Holdings Inc.), Credit Agreement (Affinia Group Intermediate Holdings Inc.)

Extension of Maturity Date. (a) On any anniversary The Lead Borrower may, by delivery of a Maturity Date Extension Request to the Administrative Agent (which shall promptly deliver a copy thereof to each of the Closing Date Lenders) not less than 45 days prior to the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Date then existing maturity date for Commitments hereunder (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided , request that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to Lenders extend the Existing Maturity Date in accordance with this Section 2.21; provided that the Lead Borrower may not make more than two Maturity Date Extension Requests following the Third Restatement Effective Date. Each Maturity Date Extension Request shall (i) specify the date to which the Maturity Date is sought to be extended; provided that such date is no more than one calendar year from the then scheduled Maturity Date, (ii) specify the changes, if any, to the Applicable Rate to be applied in determining the interest payable on Loans of, and fees payable hereunder to, Consenting Lenders (as defined below) in respect of that portion of their Commitments (and related Loans) extended to such new Maturity Date and the time as of which such changes will become effective (which may be prior to the Existing Maturity Date), and (iii) specify any other amendments or modifications to this Agreement to be effected in connection with such Maturity Date Extension Request, provided that no such changes or modifications requiring approvals pursuant to Section 9.2(b) shall become effective prior to the then existing Maturity Date unless such other approvals have been obtained. In the event a Maturity Date Extension Request shall have been delivered by the Lead Borrower, each Lender shall have the right (but not the obligation) to agree to the extension of the Existing Maturity Date and other matters contemplated thereby on the terms and subject to the conditions set forth therein (each Lender agreeing to the Maturity Date Extension Request being referred to herein as a “Consenting Lender” and each Lender not agreeing thereto being referred to herein as a “Declining Lender”), which right may be exercised by written notice thereof, specifying the maximum amount of the Commitment of such Lender with respect to its Commitment. Any which such Lender which shall agrees to the extension of the Maturity Date, delivered to the Lead Borrower (with a copy to the Administrative Agent) not timely notify later than a day to be agreed upon by the Borrowers Lead Borrower and the Administrative Agent following the date on which the Maturity Date Extension Request shall have been delivered by the Lead Borrower (it being understood that any Lender that shall have failed to exercise such right as set forth above by such date shall be deemed to be a Declining Lender). If a Lender elects to extend only a portion of its election then existing Commitment, it will be deemed for purposes hereof to extend be a Consenting Lender in respect of such extended portion and a Declining Lender in respect of the remaining portion of its Commitment. If Consenting Lenders shall have agreed to such Maturity Date Extension Request in respect of Commitments held by them, then, subject to paragraph (d) of this Section 2.21, on the date specified in the Maturity Date Extension Request as the effective date thereof (the “Extension Effective Date”), (i) the Existing Maturity Date of the applicable Commitments shall, as to the Consenting Lenders, be extended to such date as shall be specified therein, (ii) the terms and conditions of the Commitments of the Consenting Lenders (including interest and fees (including Letter of Credit fees) payable in respect thereof), shall be modified as set forth in the Maturity Date Extension Request and (iii) such other modifications and amendments hereto specified in the Maturity Date Extension Request shall (subject to any required approvals (including those of the Required Lenders having been obtained, if applicable), except that any such other modifications and amendments that do not take effect until the Existing Maturity Date shall be deemed not to have elected to extend require the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election consent of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionthan the Consenting Lenders) become effective.

Appears in 2 contracts

Samples: Guaranty Agreement (CF Industries Holdings, Inc.), Credit Agreement (CF Industries Holdings, Inc.)

Extension of Maturity Date. (a) On any anniversary Notwithstanding anything to the contrary in the Loan Documents, the Borrower may from time to time, pursuant to the provisions of this Section 2.22, without the consent of the Closing Administrative Agent or the Required Lenders, agree with one or more Lenders to extend the Term Loan Maturity Date, Revolving Maturity Date, any Incremental Maturity Date or any Refinancing Maturity Date, as applicable, then applicable to such Lender’s Commitments and/or Loans, and otherwise modify the economic terms of any such Commitments and/or Loans or any portion thereof (including, without limitation, but subject to Section 2.22(b) below, by modifying the interest rate, premiums or fees payable and/or the amortization schedule in respect of such Commitments and/or Loans or any portion thereof (each such extension, an “Extension”; any Commitments so modified “Extension Commitments”; and any Loans so modified, the “Extension Loans”) pursuant to one or more written offers (each an “Extension Offer”) made from time to time by the Borrower to all Lenders whose Commitments and/or Loans have the same Revolving Maturity Date, Term Loan Maturity Date, Incremental Maturity Date or Refinancing Maturity Date, as applicable, that is proposed to be extended under this Section 2.22, in each case on a pro rata basis (based on the relative principal amounts of the outstanding Commitments and Loans of each such Lender holding such Commitments and Loans) and on the same terms to each Lender under the applicable Facility, which Extension Offer may be conditioned as determined by the Borrower and set forth in such offer. In connection with each Extension, the Borrower will provide notification to Administrative Agent (for distribution to the applicable Lenders), no later than thirty (30) days (or such shorter period as Administrative Agent may agree) prior to the Maturity Date, maturity of the Borrowers may request applicable Loans and/or Commitments to extend be extended of the then-applicable Maturity Date requested new maturity date for the proposed Extension Commitments and/or Extension Loans (the each an Existing Extended Maturity Date”) for an additional one-year period and no later than five (an “Extension Period”5) Business Days prior to the due date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension PeriodsLender responses. The Borrowers Borrower and the Administrative Agent shall agree to such procedures, if any, as may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) be reasonably acceptable to the Administrative Agent not less than 30 days and not more than 90 days the Borrower to accomplish the purposes of this Section 2.22. In connection with any such Extension, each applicable Lender wishing to participate in such Extension shall, prior to any anniversary of the Closing Dateapplicable due date therefor, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and provide the Administrative Agent in writing with a written notice of its election desire to extend or not to extend the Existing Maturity Date with respect to its Commitmentso participate. Any Lender which shall that does not timely notify respond to an Extension Offer (referred to herein as a “Non-Extending Lender”) by the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date applicable due date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all rejected such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionExtension.

Appears in 2 contracts

Samples: Credit Agreement (DT Midstream, Inc.), Credit Agreement (DT Midstream, Inc.)

Extension of Maturity Date. (a) On any anniversary The Borrower may, by delivery of a Maturity Date Extension Request to the Administrative Agent (which shall promptly deliver a copy thereof to each of the Closing Date Lenders) not less than ten days (or such shorter period as agreed to by the Administrative Agent) prior to the Maturity Date, the Borrowers may request to extend the then-applicable then existing Maturity Date for the applicable Class of Commitments and/or Loans hereunder to be extended (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided , request that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to Lenders extend the Existing Maturity Date in accordance with this Section. Each Maturity Date Extension Request shall (i) specify the applicable Class of Commitments and/or Loans hereunder to be extended, (ii) specify the date to which the applicable Maturity Date is sought to be extended, (iii) specify the changes, if any, to the Applicable Rate to be applied in determining the interest payable on the Loans of, and fees payable hereunder to, Consenting Lenders (as defined below) in respect of that portion of their Commitments and/or Loans extended to such new Maturity Date and the time as of which such changes will become effective (which may be prior to the Existing Maturity Date) and (iv) specify any other amendments or modifications to this Agreement to be effected in connection with such Maturity Date Extension Request; provided that no such changes or modifications requiring approvals pursuant to the provisos to Section 9.02(b) shall become effective prior to the Latest Maturity Date unless such other approvals have been obtained. In the event a Maturity Date Extension Request shall have been delivered by the Borrower, each applicable Lender shall have the right, but not the obligation, to agree to the extension of the Existing Maturity Date and other matters contemplated thereby on the terms and subject to the conditions set forth therein (each Lender agreeing to the Maturity Date Extension Request being referred to herein as a “Consenting Lender” and each Lender not agreeing thereto being referred to herein as a “Declining Lender”), which right may be exercised by written notice thereof, specifying the maximum amount of the Commitment and/or Loans of such Lender with respect to its Commitment. Any Lender which shall such Xxxxxx agrees to the extension of the Maturity Date, delivered to the Borrower (with a copy to the Administrative Agent) not timely notify later than a day to be agreed upon by the Borrowers Borrower and the Administrative Agent following the date on which the Maturity Date Extension Request shall have been delivered by the Borrower (it being understood and agreed that any Lender that shall have failed to exercise such right as set forth above shall be deemed to be a Declining Lender). If a Lender elects to extend only a portion of its election then existing Commitment and/or Loans, it will be deemed for purposes hereof to extend be a Consenting Lender in respect of such extended portion and a Declining Lender in respect of the remaining portion of its Commitment and/or Loans, and the aggregate principal amount of each Type of Loans of the applicable Class of such Lender shall be allocated ratably among the extended and non-extended portions of the Loans of such Lender based on the aggregate principal amount of such Loans so extended and not extended. If Consenting Lenders shall have agreed to such Maturity Date Extension Request in respect of Commitments and/or Loans held by them, then, subject to paragraph (d) of this Section, on the date specified in the Maturity Date Extension Request as the effective date thereof (the “Extension Effective Date”), (i) the Existing Maturity Date of the applicable Commitments and/or Loans shall, as to the Consenting Lenders, be extended to such date as shall be deemed not to have elected to extend specified therein, (ii) the Existing terms and conditions of the applicable Commitments and/or Loans of the Consenting Lenders (including interest and fees (including Letter of Credit fees) payable in respect thereof) shall be modified as set forth in the Maturity Date with respect Extension Request and (iii) such other modifications and amendments hereto specified in the Maturity Date Extension Request shall (subject to its Commitment any required approvals (any Lender who timely notifies including those of the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Required Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extension) having been obtained) become effective.

Appears in 2 contracts

Samples: Credit Agreement (YETI Holdings, Inc.), Credit Agreement (YETI Holdings, Inc.)

Extension of Maturity Date. (a) On any anniversary The Lead Borrower may, by delivery of a Maturity Date Extension Request to the Administrative Agent (which shall promptly deliver a copy thereof to each of the Closing Date Lenders) not less than 45 days prior to the Maturity Date, the Borrowers may request to extend the thenthen existingthen-applicable Maturity Date existing maturity date for Commitments hereunder (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided , request that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to Lenders extend the Existing Maturity Date in accordance with this Section 2.21; provided that the Lead Borrower may not make more than two Maturity Date Extension Requests following the Third Restatement Effective Date. Each Maturity Date Extension Request shall (i) specify the date to which the Maturity Date is sought to be extended; provided that such date is no more than one calendar year from the then scheduled Maturity Date, (ii) specify the changes, if any, to the Applicable Rate to be applied in determining the interest payable on Loans of, and fees payable hereunder to, Consenting Lenders (as defined below) in respect of that portion of their Commitments (and related Loans) extended to such new Maturity Date and the time as of which such changes will become effective (which may be prior to the Existing Maturity Date), and (iii) specify any other amendments or modifications to this Agreement to be effected in connection with such Maturity Date Extension Request, provided that no such changes or modifications requiring approvals pursuant to Section 9.2(b) shall become effective prior to the then existingthen-existing Maturity Date unless such other approvals have been obtained. In the event a Maturity Date Extension Request shall have been delivered by the Lead Borrower, each Lender shall have the right (but not the obligation) to agree to the extension of the Existing Maturity Date and other matters contemplated thereby on the terms and subject to the conditions set forth therein (each Lender agreeing to the Maturity Date Extension Request being referred to herein as a “Consenting Lender” and each Lender not agreeing thereto being referred to herein as a “Declining Lender”), which right may be exercised by written notice thereof, specifying the maximum amount of the Commitment of such Lender with respect to its Commitment. Any which such Lender which shall agrees to the extension of the Maturity Date, delivered to the Lead Borrower (with a copy to the Administrative Agent) not timely notify later than a day to be agreed upon by the Borrowers Lead Borrower and the Administrative Agent following the date on which the Maturity Date Extension Request shall have been delivered by the Lead Borrower (it being understood that any Lender that shall have failed to exercise such right as set forth above by such date shall be deemed to be a Declining Lender). If a Lender elects to extend only a portion of its election then existingthen-existing Commitment, it will be deemed for purposes hereof to extend be a Consenting Lender in respect of such extended portion and a Declining Lender in respect of the remaining portion of its Commitment. If Consenting Lenders shall have agreed to such Maturity Date Extension Request in respect of Commitments held by them, then, subject to paragraph (d) of this Section 2.21, on the date specified in the Maturity Date Extension Request as the effective date thereof (the “Extension Effective Date”), (i) the Existing Maturity Date of the applicable Commitments shall, as to the Consenting Lenders, be extended to such date as shall be specified therein, (ii) the terms and conditions of the Commitments of the Consenting Lenders (including interest and fees (including Letter of Credit fees) payable in respect thereof), shall be modified as set forth in the Maturity Date Extension Request and (iii) such other modifications and amendments hereto specified in the Maturity Date Extension Request shall (subject to any required approvals (including those of the Required Lenders having been obtained, if applicable), except that any such other modifications and amendments that do not take effect until the Existing Maturity Date shall be deemed not to have elected to extend require the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election consent of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionthan the Consenting Lenders) become effective.

Appears in 1 contract

Samples: Revolving Credit Agreement (CF Industries Holdings, Inc.)

Extension of Maturity Date. (a) On any anniversary The Borrower may, by delivering an Extension Request to the Administrative Agent (who shall promptly deliver a copy to each of the Closing Date prior to Lenders), not less than sixty (60) days in advance of the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Date in effect at such time (the “Existing Maturity Date”), request that all or a portion of any Class of Term Loans (each, an “Existing Term Loan Tranche”), be converted to extend the scheduled maturity date(s) of any payment of principal with respect to all or any portion of such Existing Term Loan Tranche (any such Term Loans which have been so converted, “Extended Term Loans”) and to provide for an additional one-year other terms consistent with this Section 2.18. Each Extension Request shall set forth the proposed terms of the Extended Term Loans to be established, which shall (x) be identical as offered to each Lender under the relevant Existing Term Loan Tranche (including as to the proposed interest rates and fees payable) and (y) have the terms that are not materially more favorable than those set forth in the Existing Term Loan Tranche from which such Extended Term Loans are to be converted, except that: (i) all or any of the scheduled amortization payments of principal of the Extended Term Loans may be delayed to later dates than the scheduled amortization payments of principal of the Term Loans of such Existing Term Loan Tranche to the extent provided in the applicable Extension Amendment; (ii) the Effective Yield with respect to the Extended Term Loans (whether in the form of interest rate margin, interest rate floors, upfront fees, original issue discount or otherwise) may be different than the Effective Yield for the Term Loans of such Existing Term Loan Tranche; (iii) the Extension Amendment may provide for other covenants and terms that apply solely to any period after the Maturity Date that is in effect on the effective date of the applicable Extension Amendment (immediately prior to the establishment of such Extended Term Loans); (iv) Extended Term Loans may have mandatory prepayment terms which provide for the application of proceeds from mandatory prepayment events to be made first to prepay the Term Loans under the Existing Term Loan Tranche from which such Extended Term Loans have been converted before applying any such proceeds to prepay such Extended Term Loans; (v) Extended Term Loans may have optional prepayment terms (including call protection and terms which allow Term Loans under the relevant Existing Term Loan Tranche from which such Extended Term Loans have been converted to be optionally prepaid prior to the prepayment of such Extended Term Loans) as may be agreed by the Borrower and the Lenders thereof;and (vi) such Extended Term Loans may have other terms (other than those described in the preceding clauses (i) through (v)) that differ from those of the Existing Term Loan Tranche, in each case, taken as a whole, that are not materially more favorable to the Lenders providing such Extended Term Loans than the provisions applicable to the Existing Term Loan Tranche or as are otherwise reasonably satisfactory to the Administrative Agent. Any Extended Term Loans converted pursuant to any Extension Request shall be designated a series (each, an “Extension PeriodSeries”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date of Extended Term Loans for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension all purposes of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to extend the Existing Maturity Date with respect to its Commitment. Any Lender which shall not timely notify the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionthis Agreement.

Appears in 1 contract

Samples: Credit Agreement (Yesway, Inc.)

Extension of Maturity Date. (a) On any anniversary of the Closing Date prior to the Maturity DateThe Borrower may, the Borrowers may request to extend the then-applicable Maturity Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less later than 30 days and not more than 90 days prior to any anniversary of the Closing date of this Agreement (such anniversary being a “Modification Date”) by written notice in the form of Exhibit G hereto (an “Extension Request”) (which shall be irrevocable; provided, so long however, that the Borrower may revoke such notice at any time that Lenders having more that 50% of the Aggregate Commitments have notified the Administrative Agent or the Borrower that such Lenders do not consent to such requested extension or are deemed to not have consented to such requested extension, as provided below) to the Administrative Agent (i) which shall promptly notify each of the representations Lenders), request the Lenders to extend the then applicable Maturity Date for one year to the next anniversary of the then applicable Maturity Date and warranties contained may, in Section 7 and any such Extension Request, request the addition of one or more new Lenders, and/or the increase or decrease in, or termination of, the Commitment of any existing Lender under this Agreement, effective in the other Credit Documents shall be true and correct in all material respects on and each case as of the date of Modification Date. If the Borrower shall make such notice and as of the commencement date of the relevant Extension Period as if made on and as of a request, each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, Lender shall, not later than a date 30 days after its receipt of any such notice from ten Business Days prior to the Administrative AgentModification Date, notify the Borrowers Borrower and the Administrative Agent in writing by executing the Extension Request if it consents to such extension of its election to extend or not to extend the Existing then applicable Maturity Date with respect and to its Commitmenteach other change requested in the Extension Request. Any Lender which that shall not timely so notify the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date Borrower shall be deemed not to have elected to extend consented. If all the Existing Lenders shall so consent, the Maturity Date with respect to its shall thereupon be extended, any new Lender shall be added, and any existing Lender’s Commitment (shall be increased, decreased or terminated in each case as provided in the Extension Request. If any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extension.so consent, then, unless either

Appears in 1 contract

Samples: Credit Agreement (New York Times Co)

Extension of Maturity Date. (a) On any anniversary The Borrower may, not more than two times for each such Class, request that the Administrative Agent and the applicable Lenders extend the current Maturity Date of the Closing Date prior to the Maturity DateTranche 1 Term Loans, the Borrowers may request to extend the then-applicable Maturity Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension PeriodsTranche 2 Term Loans, and/or Tranche 3 Term Loans, as applicable, by 12 months per each request. The Borrowers Borrower may make exercise such request in a notice given as herein provided right only by executing and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) delivering to the Administrative Agent not less than at least 30 days and but not more than 90 120 days prior to any anniversary the current Maturity Date of such Class, a written request for such extension (a “Maturity Extension Request”). The Administrative Agent shall notify the Lenders of the Closing Dateapplicable Class if it receives a Maturity Extension Request promptly upon receipt thereof. Subject to satisfaction of the following conditions, so long as the Maturity Date of such Class shall be extended for 12 months effective upon receipt by the Administrative Agent of a Maturity Extension Request and payment of the fee referred to in the following clause (iy): (x) each immediately prior to such extension and immediately after giving effect thereto, (A) no Default or Event of Default shall exist and (B) the representations and warranties contained in Section 7 made or deemed made by the Borrower and each other Loan Party in the other Credit Loan Documents to which any of them is a party, shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the date of such notice extension with the same force and as of the commencement date of the relevant Extension Period effect as if made on and as of each such date except to the extent that such representations and warranties expressly relate solely to an earlier date (orin which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, if any in which case such representation and or warranty is expressly stated to shall have been made as of a specific date, true and correct in all respects) on and as of such specific earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents or waived or consented to by applicable Lenders in accordance with the provisions of Section 13.6. and (iiy) no Default or Event of Default the Borrower shall have occurred and be continuing on paid the date of such notice and as of Fees payable under Section 3.5.(e) with respect to the commencement date of applicable Class. At any time prior to the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt effectiveness of any such notice from extension, upon the Administrative Agent’s request, notify the Borrowers and Borrower shall deliver to the Administrative Agent in writing of its election to extend a certificate from the chief executive officer or not to extend chief financial officer certifying the Existing Maturity Date with respect to its Commitment. Any Lender which shall not timely notify the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being matters referred to as a “Terminating Lender” in the immediately preceding clauses (x)(A) and all such Lenders, collectively, the “Terminating Lenders”(x)(B). The election Maturity Date of any Lender the Tranche 1 Term Loans, Tranche 2 Term Loans, and/or Tranche 3 Term Loans, as applicable, may be extended only two times for each Class pursuant to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionthis Section.

Appears in 1 contract

Samples: Term Loan Agreement (Realty Income Corp)

Extension of Maturity Date. (a) On The Company may request an extension (subject to each Lender’s right to deny any anniversary such requested extension in its sole discretion) of the Closing Date prior to the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Date (the “Existing Maturity Date”) in effect at any time for an additional one-period of one year period by submitting a written request for an extension to the Administrative Agent (an “Extension PeriodRequest”) not more than 85 days and not less than 45 days (or such shorter time period as may be agreed to by the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”)Administrative Agent) prior to each anniversary of this Agreement; provided that the Borrowers may extend the Maturity Date for a maximum there shall be no more than two (2) such Extension Periodsextensions of the Maturity Date pursuant to this Section. The Borrowers may make such request in a notice given Extension Request shall specify (i) the new Maturity Date and (ii) the date as herein provided and substantially in of which the form attached hereto as Exhibit 2.8(a) next Maturity Date shall be effective (the “Extension Date”). Promptly upon receipt of an Extension Request, the Administrative Agent shall notify each Lender of the contents thereof and shall request each Lender to approve the Extension Request. Each Lender approving the Extension Request shall deliver its written acceptance of such Extension Request no later than fifteen (15) days after receipt of notice from the Administrative Agent (an “Acceptance of Extension”). An extension hereunder shall only be effective if an Acceptance of Extension is received by the Administrative Agent from the Required Lenders within the time period set forth above. Failure of a Lender to respond to an Extension Request shall be deemed a denial of such request. If any Lender does not accept such extension (each such Lender, a “Non-Extending Lender”), then on the Maturity Date Request”then in effect with respect to such Lender (without giving effect to the Extension Request rejected by such Lender), (a) the applicable Borrowers shall pay to such Lender all amounts then payable to such Lender under this Agreement and the Loan Documents on its applicable Maturity Date and (b) such Lender’s Commitments shall terminate on the Maturity Date applicable to such Lender. In addition, if as of such Extension Date (i) the aggregate amount of the Lenders’ US Tranche Revolving Exposures exceeds the aggregate amount of the US Tranche Revolving Commitments and/or (ii) the aggregate amount of the Lenders’ European Tranche Exposures exceeds the aggregate amount of the European Tranche Commitments, then the applicable Borrowers shall prepay the Loans and/or cash collateralize LC Exposure in the manner set forth in Section 2.11(b) (in such amounts and on terms and conditions reasonably satisfactory to the Administrative Agent not less than 30 days and not more than 90 days the Issuing Bank) on or prior to any anniversary of the Closing Date, such Extension Date so long as that (i) each of the representations and warranties contained in Section 7 and in aggregate US Tranche Revolving Exposures is equal to or less than the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) aggregate US Tranche Revolving Commitments and (ii) the aggregate European Tranche Exposures is equal to or less than the aggregate European Tranche Commitments remaining on such date after giving effect to the applicable terminations or removals. Notwithstanding the foregoing, no Default or Event extension of Default the Maturity Date pursuant to this Section shall have occurred and be continuing become effective unless on the date of such notice and as of Extension Date, the commencement date of the relevant Extension Period. Each Lender, acting conditions set forth in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers Section 4.02 shall be satisfied and the Administrative Agent shall have received a certificate to that effect dated such date and executed by a Financial Officer of the Company. Notwithstanding anything to the contrary, this Section 2.04 shall supersede any provisions in writing of its election Section 2.20 and Section 11.02 to extend or not to extend the Existing Maturity Date with respect to its Commitment. Any Lender which shall not timely notify the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensioncontrary.

Appears in 1 contract

Samples: Intercreditor Agreement (Insight Enterprises Inc)

Extension of Maturity Date. (a) On any anniversary The Borrower may, by delivery of the Closing Date prior to the Maturity Date, the Borrowers may request to extend the then-applicable a Maturity Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) Request to the Administrative Agent (which shall promptly deliver a copy to each of the Lenders) not less than 30 45 days and not more than 90 75 days prior to any anniversary of the Closing Effective Date, so long as (i) each request that the Lenders extend the Maturity Date for an additional period of one year; provided that, only two such extensions will be granted during the tenure of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Periodcredit facility. Each Lender, acting in its sole discretion, Lender shall, not later than a date 30 days after its receipt of any such by notice from to the Administrative Agent, notify the Borrowers Borrower and the Administrative Agent in writing given not later than the 20th day after the date of its election to extend the Agent’s receipt of the Borrower’s Maturity Date Extension Request, advise the Borrower whether or not it agrees to extend the Existing Maturity Date with respect requested extension (each Lender agreeing to its Commitment. Any Lender which shall not timely notify the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election a requested extension being referred to as called a “Terminating Consenting Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election of any each Lender declining to agree to a requested extension being called a “Declining Lender”). Any Lender that has not so advised the Borrower and the Administrative Agent by such day shall not obligate any other Lender be deemed to have declined to agree to such requested extensionextension and shall be a Declining Lender. If Lenders constituting the Required Lenders shall have agreed to a Maturity Date Extension Request, then the Maturity Date shall, as to the Consenting Lenders, be extended to the first anniversary of the Maturity Date theretofore in effect. The decision to agree or withhold agreement to any Maturity Date Extension Request shall be at the sole discretion of each Lender. The Commitment of any Declining Lender shall terminate on the Maturity Date in effect prior to giving effect to any such extension (such Maturity Date being called the “Existing Maturity Date”). The principal amount of any outstanding Loans made by Declining Lenders, together with any accrued interest thereon and any accrued fees and other amounts payable to or for the account of such Declining Lenders hereunder, shall be due and payable on the Existing Maturity Date, and on the Existing Maturity Date, the Borrower shall also make such other prepayments of its Loans pursuant to Section 2.11 as shall be required in order that, after giving effect to the termination of the Commitments of, and all payments to, Declining Lenders pursuant to this sentence, the sum of the total Credit Exposures shall not exceed the total Commitments. Notwithstanding the foregoing provisions of this paragraph, the Borrower shall have the right, pursuant to Section 9.04, at any time prior to the Existing Maturity Date, to replace a Declining Lender with a Lender or other financial institution that will agree to a Maturity Date Extension Request, and any such replacement Lender shall for all purposes constitute a Consenting Lender. Notwithstanding the foregoing, no extension of the Maturity Date pursuant to this paragraph shall become effective unless (i) the Administrative Agent shall have received documents consistent with those delivered with respect to the Borrower under Section 4.01(b) through Section 4.01(d), giving effect to such extension and (ii) on the anniversary of the Effective Date that immediately follows the date on which the Borrower delivers the applicable Maturity Date Extension Request, (A) the conditions set forth in Section 4.02 shall be satisfied, (B) there has been no change since December 31, 2017 that has resulted in a Material Adverse Effect that is continuing and (C) the Administrative Agent shall have received a certificate to that effect dated such date and executed by the President, a Vice President or a Financial Officer of the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Pioneer Natural Resources Co)

Extension of Maturity Date. (a) On any anniversary The Borrowers may, by delivery of a Maturity Date Extension Request to the Administrative Agent (which shall promptly deliver a copy thereof to each Bank of the Closing Date relevant Class) not less than 30 days prior to the Maturity Date, the Borrowers may request to extend the then-applicable existing Maturity Date for the applicable Class of Commitments and/or Loans hereunder to be extended (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided , request that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date Banks of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to Class extend the Existing Maturity Date with respect to its Commitmentsuch Class in accordance with this Section. Any Lender Each Maturity Date Extension Request shall (i) specify the date to which the Maturity Date with respect to such Class is sought to be extended, (ii)specify the changes, if any, to the Applicable Margin to be applied in determining the interest payable on the Loans of, and fees payable hereunder to, Consenting Banks in respect of that portion of their Commitments and/or Loans extended to such new Maturity Date and the time as of which such changes will become effective (which may be prior to the Existing Maturity Date) and (iii) specify any other amendments or modifications to this Agreement to be effected in connection with such Maturity Date Extension Request; provided that no such changes or modifications requiring other approvals pursuant to Section 9.5 shall become effective prior to the Existing Maturity Date unless such other approvals have been obtained. In the event a Maturity Date Extension Request shall have been delivered by the Borrowers, each Bank of the applicable Class shall have the right to agree to the extension of the Existing Maturity Date and other matters contemplated thereby on the terms and subject to the conditions set forth therein (each Bank agreeing to the Maturity Date Extension Request being referred to herein as a “Consenting Bank” and each Bank not timely notify agreeing thereto being referred to herein as a “Declining Bank”), which right may be exercised by written notice thereof, specifying the maximum amount of the Commitment and/or Loans of such Class of such Bank with respect to which such Bank agrees to the extension of the Maturity Date, delivered to the Borrowers (with a copy to the Administrative Agent) not later than a day to be agreed upon by the Borrowers and the Administrative Agent following the date on which the Maturity Date Extension Request shall have been delivered by the Borrowers (it being understood and agreed that any Bank that shall have failed to exercise such right as set forth above shall, with respect to such Class, be deemed to be a Declining Bank). If a Bank elects to extend only a portion of its election then existing Commitment and/or Loans of the applicable Class, it will be deemed for purposes hereof to extend be a Consenting Bank in respect of such extended portion and a Declining Bank in respect of the remaining portion of its Commitment and/or Loans of such Class, and the aggregate principal amount of each Type and currency of Loans of the applicable Class of such Bank shall be allocated ratably among the extended and non-extended portions of the Loans of such Bank based on the aggregate principal amount of such Loans so extended and not extended. If a Consenting Bank shall have agreed to such Maturity Date Extension Request in respect of Commitments or Loans of a Class held by them, then, subject to paragraph (c) of this Section, on the date specified in the Maturity Date Extension Request as the effective date thereof (the “Extension Effective Date”), (i) the Existing Maturity Date of the applicable Commitments or Loans shall, as to the Consenting Banks, be extended to such date as shall be deemed not to have elected to extend specified therein, (ii) the Existing terms and conditions of the applicable Commitments and/or Loans of the Consenting Banks (including interest and fees (including Letter of Credit fees) payable in respect thereof) shall be modified as set forth in the Maturity Date with respect Extension Request and (iii) such other modifications and amendments hereto specified in the Maturity Date Extension Request shall (subject to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionrequired approvals having been obtained) become effective.

Appears in 1 contract

Samples: Credit Agreement (Allegion PLC)

Extension of Maturity Date. (a) On any The Borrower may extend the Maturity Date with respect to the Revolving Facility for additional periods of eighteen months (a “Maturity Date Extension”) by providing written notice of such request to the Administrative Agent not more than 90 days and not less than 30 days prior to the Maturity Date then in effect (such anniversary of the Closing Date prior to the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make Administrative Agent shall promptly notify each Lender of such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Dateeach Lender shall then, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers Borrower and the Administrative Agent in writing within 10 Business Days after such request whether such Lender will consent to the extension (each such Lender consenting to the applicable extension, a “Consenting Lender”). The failure of its election any Lender to extend or not to extend the Existing Maturity Date with respect to its Commitment. Any Lender which shall not timely notify the Borrowers Borrower and the Administrative Agent of its election intent to extend the Existing Maturity Date consent to an extension shall be deemed not a rejection by such Lender, as applicable. Such extension shall be effective as to have elected Consenting Lenders under the Revolving Facility consenting to extend such extension if the Existing Required Lenders approve such Maturity Date with respect Extension; provided that at the existing Maturity Date in effect prior to its Commitment such Maturity Date Extension, (any 1) the commitments of Lenders that did not consent to such Maturity Date Extension (each such Lender who timely notifies not consenting to the Borrowers extension, a “Declining Lender”) will be terminated and the Administrative Agent Loans of an election such Lenders will be repaid (it being understood that the commitments of the Declining Lenders not consenting to extend or fails such extension will remain in effect until the Maturity Date originally applicable to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders) and (2) the Borrower shall make such additional prepayments as shall be necessary in order that the Loans hereunder immediately after such existing Maturity Date will not exceed, collectivelyrespectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionAggregate Commitment.

Appears in 1 contract

Samples: Revolving Credit Agreement (Walgreens Boots Alliance, Inc.)

Extension of Maturity Date. The Borrower may, by delivery of a Maturity Date Extension Request to the Administrative Agent (awhich shall promptly deliver a copy to each of the Lenders) On not less than 45 days and not more than 75 days prior to August 12 in any year, request that the Lenders extend the Maturity Date for an additional period of one year, provided that there shall be no more than three extensions of the Maturity Date pursuant to this Section after the date hereof. Each Lender shall, by notice to the Borrower and the Administrative Agent given not later than the 20th day after the date of the Agent’s receipt of the Borrower’s Maturity Date Extension Request, advise the Borrower whether or not it agrees to the requested extension (each Lender agreeing to a requested extension being called a “Consenting Lender” and each Lender declining to agree to a requested extension being called a “Declining Lender”). Any Lender that has not so advised the Borrower and the Administrative Agent by such day shall be deemed to have declined to agree to such extension and shall be a Declining Lender. If Lenders constituting the Required Lenders shall have agreed to a Maturity Date Extension Request, then the Maturity Date shall, as to the Consenting Lenders, be extended to the first anniversary of the Closing Maturity Date theretofore in effect. The decision to agree or withhold agreement to any Maturity Date Extension Request shall be at the sole discretion of each Lender. The Commitment of any Declining Lender shall terminate on the Maturity Date in effect prior to the Maturity Date, the Borrowers may request giving effect to extend the then-applicable any such extension (such Maturity Date (being called the “Existing Maturity Date”) ). The principal amount of any outstanding Loans made by Declining Lenders, together with any accrued interest thereon and any accrued fees and other amounts payable to or for an additional one-year period (an “Extension Period”) to the date that is one year after account of such Declining Lenders hereunder, shall be due and payable on the Existing Maturity Date (Date, and on the “Requested Existing Maturity Date”); provided , the Borrower shall also make such other prepayments of its Loans pursuant to Section 2.10 as shall be required in order that, after giving effect to the termination of the Commitments of, and all payments to, Declining Lenders pursuant to this sentence, the sum of the aggregate Revolving Credit Exposures and the aggregate principal amount of the outstanding Competitive Loans shall not exceed the total Commitments. Notwithstanding the foregoing provisions of this paragraph, the Borrower shall have the right, pursuant to Section 9.04, at any time prior to the Existing Maturity Date, to replace a Declining Lender with a Lender or other financial institution that will agree to a Maturity Date Extension Request, and any such replacement Lender shall for all purposes constitute a Consenting Lender. Notwithstanding the Borrowers may extend foregoing, no extension of the Maturity Date for a maximum two pursuant to this paragraph shall become effective unless (2i) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior shall have received documents consistent with those delivered with respect to any anniversary of the Closing DateBorrower under Section 4.01(b) through (d), so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of giving effect to such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) extension and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as anniversary of the commencement Restatement Effective Date that immediately follows the date of on which the relevant Borrower delivers the applicable Maturity Date Extension Period. Each LenderRequest, acting the conditions set forth in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers Section 4.02 shall be satisfied and the Administrative Agent in writing of its election shall have received a certificate to extend or not to extend that effect dated such date and executed by the Existing Maturity Date with respect to its Commitment. Any Lender which shall not timely notify the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectivelychief financial officer, the “Terminating Lenders”). The election controller or the treasurer of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionthe Borrower.

Appears in 1 contract

Samples: Agreement (Sunoco Inc)

Extension of Maturity Date. (a) On any anniversary of Upon written notice by the Closing Date prior Borrowers to the Maturity DateLender given at any time before September 8 in each year, the Borrowers may request to in writing that the Lender extend the then-applicable Maturity Date then scheduled maturity date of the Facility by one year (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) extended maturity date referred to the date that is one year after the Existing Maturity Date (as the “Requested Extended Maturity Date”); provided that . The Lender (acting in its sole discretion) shall advise the Borrowers may in writing as to whether it agrees to extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement maturity date of the relevant Extension Period as if made on and as Facility in accordance with any such request within thirty days following receipt of each date such written notice, provided that in the event the Lender does not so advise the Lender within such thirty day period (or“Determination Period”), the Lender shall be deemed to have advised the Borrowers that it is not prepared to extend the maturity date. Any such extension, if consented to by the Lender, is subject to the satisfaction of the following conditions: (a) the Borrowers paying to the Lender on the Extended Maturity Date an extension fee in an amount set forth for such purpose in the Additional Terms Agreement (or such other fee as the Lender may require in respect of any such representation and warranty is expressly stated to have been made as extension of a specific date, as the maturity date requested hereunder after the first extension of such specific the maturity date) of the principal amount of the total Commitment outstanding as at the Extended Maturity Date, and (iib) no Default or Event of Default shall have occurred existing and be continuing on all of the representations and warranties set out in Article 3 of this Agreement being true and correct as of the date of such notice extension request as if made on such date except for transactions that were entered into in compliance with this Agreement and as of changes thereto that were approved in writing by the commencement date of the relevant Extension Period. Each Lender, acting and such written extension request contains a statement to this effect. In the event that the Lender elects in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or year not to extend the Existing Maturity Date with respect to its Commitment. Any Lender which shall not timely notify Date, the Borrowers and shall have no further right to request an Extension of the Administrative Agent of its election to extend the Existing Maturity Date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”)Date. The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionSection 2.07.

Appears in 1 contract

Samples: Margin Loan Agreement (Brookfield Asset Management Inc.)

Extension of Maturity Date. The Borrowers may request, by written notice to the Administrative Agent, (ai) On any anniversary of at least 30 days but not more than the Closing Date day occurring 60 days and one year prior to the Maturity DateDate with respect to the 2024 5-Year Term Loan, a six‑month extension of the Borrowers may request to extend the then-applicable Maturity Date with respect to the 2024 5-Year Term Loan and (ii) thereafter, an additional six‑month extension with respect to the Maturity Date with respect to the 2024 5-Year Term Loan, provided at least 30 days but not more than the day occurring 60 days and one year prior to the Maturity Date with respect to the 2024 5-Year Term Loan (as extended pursuant to clause (i) of this sentence) (each, an Existing Extension Request”). The Administrative Agent shall promptly notify each Lender of such Extension Request and the Maturity Date”) Date with respect to the 2024 5-Year Term Loan in effect at such time shall, effective as of the applicable Extension Date (as defined below), be extended for an additional one-year period (an “six‑month period, provided that, on such Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2a) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary shall have received payment in full of the Closing extension fee set forth in Section 2.07(d) and (b) the following statements shall be true and the Administrative Agent shall have received for the account of each Lender a certificate signed by a duly authorized officer of the Operating Partnership, dated the applicable Extension Date, so long as stating that: (i) each of the representations and warranties contained in Section 7 4.01 are true and correct in the other Credit Documents all material respects (unless qualified as to materiality or Material Adverse Effect, in which case such representations and warranties shall be true and correct in all material respects respects) on and as of such Extension Date (except to the extent that such representations and warranties relate solely to an earlier date of (in which case such notice representations and warranties shall have been true and accurate in all material respects or all respects, as of the commencement date of the relevant Extension Period as if made applicable, on and as of each date (orsuch earlier date)), if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have has occurred and is continuing or would result from such extension. “Extension Date” means, in the case of each extension option, the first date after the delivery by the Borrowers of the related Extension Request that the conditions set forth in clauses (a) and (b) above are satisfied. In the event that an extension is effected pursuant to this Section 2.18, the aggregate principal amount of all Advances under the 2024 5-Year Term Loan shall be continuing repaid in full ratably to the Lenders on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to extend the Existing Maturity Date with respect to its Commitmentthe 2024 5-Year Term Loan as so extended. Any Lender which shall not timely notify As of the Borrowers Extension Date, any and all references in this Agreement or any of the Administrative Agent of its election other Loan Documents to extend the Existing Maturity Date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and 2024 5-Year Term Loan” shall refer to the Administrative Agent of an election not Maturity Date with respect to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to 2024 5-Year Term Loan as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionso extended.

Appears in 1 contract

Samples: Term Loan Agreement (Digital Realty Trust, L.P.)

Extension of Maturity Date. (a) On any anniversary The Borrower may, by delivery of the Closing Date prior to the Maturity Date, the Borrowers may request to extend the then-applicable a Maturity Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) Request to the Administrative Agent (which shall promptly deliver a copy to each of the Lenders) not less than 30 45 days and not more than 90 75 days prior to any anniversary of the Closing Effective Date, so long as (i) each request that the Lenders extend the Maturity Date for an additional period of one year; provided that, only one such extension will be granted during the tenure of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Periodcredit facility. Each Lender, acting in its sole discretion, Lender shall, not later than a date 30 days after its receipt of any such by notice from to the Administrative Agent, notify the Borrowers Borrower and the Administrative Agent in writing given not later than the 20th day after the date of its election to extend the Agent’s receipt of the Borrower’s Maturity Date Extension Request, advise the Borrower whether or not it agrees to extend the Existing Maturity Date with respect requested extension (each Lender agreeing to its Commitment. Any Lender which shall not timely notify the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election a requested extension being referred to as called a “Terminating Consenting Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election of any each Lender declining to agree to a requested extension being called a “Declining Lender”). Any Lender that has not so advised the Borrower and the Administrative Agent by such day shall not obligate any other Lender be deemed to have declined to agree to such requested extensionextension and shall be a Declining Lender. If Lenders constituting the Required Lenders shall have agreed to a Maturity Date Extension Request, then the Maturity Date shall, as to the Consenting Lenders, be extended to the first anniversary of the Maturity Date theretofore in effect. The decision to agree or withhold agreement to any Maturity Date Extension Request shall be at the sole discretion of each Lender. The Commitment of any Declining Lender shall terminate on the Maturity Date in effect prior to giving effect to any such extension (such Maturity Date being called the “Existing Maturity Date”). The principal amount of any outstanding Loans made by Declining Lenders, together with any accrued interest thereon and any accrued fees and other amounts payable to or for the account of such Declining Lenders hereunder, shall be due and payable on the Existing Maturity Date, and on the Existing Maturity Date, the Borrower shall also make such other prepayments of its Loans pursuant to Section 2.11 as shall be required in order that, after giving effect to the termination of the Commitments of, and all payments to, Declining Lenders pursuant to this sentence, the sum of the total Credit Exposures shall not exceed the total Commitments. Notwithstanding the foregoing provisions of this paragraph, the Borrower shall have the right, pursuant to Section 9.04, at any time prior to the Existing Maturity Date, to replace a Declining Lender with a Lender or other financial institution that will agree to a Maturity Date Extension Request, and any such replacement Lender shall for all purposes constitute a Consenting Lender. Notwithstanding the foregoing, no extension of the Maturity Date pursuant to this paragraph shall become effective unless (i) the Administrative Agent shall have received documents consistent with those delivered with respect to the Borrower under Section 4.01(b) through Section 4.01(d), giving effect to such extension and (ii) on the anniversary of the Effective Date that immediately follows the date on which the Borrower delivers the applicable Maturity Date Extension Request, (A) the conditions set forth in Section 4.02 shall be satisfied, (B) there has been no change since December 31, 2010 that has resulted in a Material Adverse Effect that is continuing and (C) the Administrative Agent shall have received a certificate to that effect dated such date and executed by the President, a Vice President or a Financial Officer of the Borrower.

Appears in 1 contract

Samples: Joinder Agreement (Pioneer Natural Resources Co)

Extension of Maturity Date. (a) On any anniversary of After the Closing Date prior to the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any first anniversary of the Closing Date, so long but at least forty-five (45) days prior to the Maturity Date then in effect, the Borrower may, by written notice to the Administrative Agent, request that the Maturity Date then in effect be extended by one calendar year, effective as of a date selected by the Borrower (the “Extension Effective Date”); provided, that (i) each the Borrower may only make one such request in any calendar year and no more than two such requests during the term of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) this Agreement and (ii) no Default or Event of Default the Extension Effective Date shall have occurred and be continuing on at least forty-five (45) days, but not more than sixty (60) days, after the date such extension request is received by the Administrative Agent (the “Extension Request Date”). Upon receipt of the extension request, the Administrative Agent shall promptly notify each Lender of such notice and as of the commencement date of the relevant Extension Periodrequest. Each LenderIf a Lender agrees, acting in its sole discretion, shallto so extend the Maturity Date applicable to its Revolving Loan Commitment (an “Extending Lender”), not it shall deliver to the Administrative Agent a written notice of its agreement to do so no later than a date 30 fifteen (15) days after its receipt of any the Extension Request Date (or such notice from later date to which the Administrative Agent, notify the Borrowers Borrower and the Administrative Agent in writing of its election to extend or not to extend the Existing Maturity Date with respect to its Commitment. Any Lender which shall not timely notify the Borrowers agree), and the Administrative Agent shall promptly thereafter notify the Borrower of its election such Extending Lender’s agreement to extend the Existing Maturity Date applicable to such Lender’s Revolving Loan Commitment (and such agreement shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”irrevocable). The election Revolving Loan Commitment of any Lender that fails to agree accept or respond to the Borrower’s request for an extension of the Maturity Date (a requested “Declining Lender”) shall be terminated on the Maturity Date then in effect for such Lender (without regard to any extension by other Lenders) and on such Maturity Date the Borrower shall not obligate any other Lender to agree pay in full the Revolving Loans owing to such requested extensionDeclining Lender, together with all accrued interest thereon and all accrued Commitment Fees and Letter of Credit fees owing to such Declining Lender under this Agreement and (to the extent that such Declining Lender shall cease to be a Lender under this Agreement as of such date) all other amounts due to such Declining Lender under this Agreement.

Appears in 1 contract

Samples: Credit Agreement (Vulcan Materials CO)

Extension of Maturity Date. (axvi) On any anniversary The Borrower may, by delivery of a Maturity Date Extension Request to the Administrative Agent (which shall promptly deliver a copy thereof to each of the Closing Date Lenders and the Issuing Banks) not less than 30 days prior to the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Date then existing maturity date for Commitments of any Class (as defined below) hereunder (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to ), request that the date that is one year after applicable Lenders and the Issuing Banks extend the Existing Maturity Date in accordance with this Section. Each Maturity Date Extension Request shall (i) specify the “Requested Class of Commitments and the date to which the Maturity Date is sought to be extended, (ii) specify the changes, if any, to the Applicable Rate to be applied in determining the interest payable on Loans of, and fees payable hereunder to, Consenting Lenders (as defined below) in respect of that portion of their Commitments (and related Loans) of the applicable Class extended to such new Maturity Date and the time as of which such changes will become effective (which may be prior to the Existing Maturity Date”)) and (iii) specify any other amendments or modifications to this Agreement to be effected in connection with such Maturity Date Extension Request; provided that no such changes or modifications requiring approvals pursuant to Section 10.2(b) shall become effective prior to the Borrowers may extend then existing Maturity Date unless such other approvals having been obtained. In the event a Maturity Date Extension Request shall have been delivered by the Borrower, each Lender of the applicable Class shall have the right to agree or not agree to the extension of the Existing Maturity Date and other matters contemplated thereby on the terms and subject to the conditions set forth therein (each Lender agreeing to the Maturity Date for Extension Request being referred to herein as a “Consenting Lender” and each Lender not agreeing thereto being referred to herein as a “Declining Lender” and the Commitments of each group of Consenting Lenders (as so extended) and the Commitments of each group of Declining Lenders (not so extended) shall be considered separate “classes” (each, a “Class”)), which right may be exercised by written notice thereof, specifying the maximum two amount of its Commitment and, if such Lender (2or a designated Affiliate of such Lender) is then serving as an Issuing Bank, its (or its designated Affiliate’s) Issuing Bank Sublimit, with respect to which such Xxxxxx agrees to the extension of the Maturity Date, delivered to the Borrower (with a copy to the Administrative Agent) not later than a day to be agreed upon by the Borrower and the Administrative Agent following the date on which the Maturity Date Extension Periods. The Borrowers may make Request shall have been delivered by the Borrower (it being understood (x) that any Lender that shall have failed to exercise such request in right as set forth above shall be deemed to be a notice given as herein provided Declining Lender and substantially (y) that, in the form attached hereto case of any Lender then serving (or whose designated Affiliate is then serving) as Exhibit 2.8(aan Issuing Bank, (I) the Issuing Bank Sublimit of such Lender (or such designated Affiliate) shall not be extended in connection with an extension of such Lender’s Commitments unless so specified by such Lender (or such designated Affiliate), in its capacity as Issuing Bank, in such written notice to the Borrower and (II) for purposes of Section 2.4(a), the “Maturity Date” applicable to Letters of Credit of an Issuing Bank that has not extended its Issuing Bank Sublimit will be the Maturity Date in respect of such Letter of Credit Sublimit that has not been extended). If a Lender elects to extend only a portion of its then existing Commitment, it will be deemed for purposes hereof to be a Consenting Lender in respect of such extended portion and a Declining Lender in respect of the remaining portion of its Commitment. If Consenting Lenders shall have agreed to such Maturity Date Extension Request in respect of Commitments held by them, then, subject to paragraph (d) of this Section, on the date specified in the Maturity Date Extension Request as the effective date thereof (the “Extension of Maturity Date RequestEffective Date) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date), so long as (i) each the Existing Maturity Date of the representations and warranties contained in Section 7 and in applicable Commitments shall, as to the other Credit Documents Consenting Lenders, be extended to such date as shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (orspecified therein, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred the terms and be continuing on the date of such notice and as conditions of the commencement date Commitments of the relevant Consenting Lenders (including interest and fees payable in respect thereof), shall be modified as set forth in the Maturity Date Extension Period. Each LenderRequest, acting (iii) such other modifications and amendments hereto specified in its sole discretionthe Maturity Date Extension Request shall (subject to any required approvals (including those of the Required Lenders) have been obtained, shall, except that any such modifications and amendments that do not later than a date 30 days after its receipt take effect until the Existing Maturity Date shall not require the consent of any such notice from Lender other than the Administrative Agent, notify Consenting Lenders) become effective and (iv) in the Borrowers and the Administrative Agent in writing case of its election to extend any Consenting Lender then serving (or whose designated Affiliate is then serving) as an Issuing Bank that shall not have agreed to extend the Existing Maturity Date with respect to its Commitment. Any Lender which Issuing Bank Sublimit, or shall not timely notify the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date shall be deemed not to have elected agreed to extend the Existing Maturity Date with respect to less than the entire amount of its Commitment (any Lender who timely notifies Issuing Bank Sublimit, such Issuing Bank shall not have the Borrowers and the Administrative Agent of an election not obligation to issue, amend, extend or fails increase Letters of Credit following the Extension Effective Date, if after giving effect to timely notify any such issuance, amendment, extension or increase, the Borrowers and Letter of Credit Usage attributable to Letters of Credit issued by such Issuing Bank that have an expiration date after the Administrative Agent date that is five days prior to the Existing Maturity Date with respect to the non- extended portion of its election being referred to as a “Terminating Lender” and all Issuing Bank Sublimit would exceed the extended portion (if any) of such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionIssuing Bank Sublimit.

Appears in 1 contract

Samples: Revolving Credit and Guaranty Agreement (Coupang, Inc.)

Extension of Maturity Date. (a) On any anniversary The Borrower may, by delivery of a Maturity Date Extension Request to the Administrative Agent (which shall promptly deliver a copy thereof to each of the Closing Date Lenders) not less than 45 days prior to the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Date then existing maturity date for Commitments hereunder (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided , request that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to Lenders extend the Existing Maturity Date in accordance with this Section 2.21; provided that the Borrower may not make more than two Maturity Date Extension Requests during the term of this Agreement. Each Maturity Date Extension Request shall (i) specify the date to which the Maturity Date is sought to be extended; provided that such date is no more than one calendar year from the then scheduled Maturity Date, (ii) specify the changes, if any, to the Applicable Rate to be applied in determining the interest payable on Loans of, and fees payable hereunder to, Consenting Lenders (as defined below) in respect of that portion of their Commitments (and related Loans) extended to such new Maturity Date and the time as of which such changes will become effective (which may be prior to the Existing Maturity Date), and (iii) specify any other amendments or modifications to this Agreement to be effected in connection with such Maturity Date Extension Request, provided that no such changes or modifications requiring approvals pursuant to Section 9.2(b) shall become effective prior to the then existing Maturity Date unless such other approvals have been obtained. In the event a Maturity Date Extension Request shall have been delivered by the Borrower, each Lender shall have the right (but not the obligation) to agree to the extension of the Existing Maturity Date and other matters contemplated thereby on the terms and subject to the conditions set forth therein (each Lender agreeing to the Maturity Date Extension Request being referred to herein as a “Consenting Lender” and each Lender not agreeing thereto being referred to herein as a “Declining Lender”), which right may be exercised by written notice thereof, specifying the maximum amount of the Commitment of such Lender with respect to its Commitment. Any which such Lender which shall agrees to the extension of the Maturity Date, delivered to the Borrower (with a copy to the Administrative Agent) not timely notify later than a day to be agreed upon by the Borrowers Borrower and the Administrative Agent following the date on which the Maturity Date Extension Request shall have been delivered by the Borrower (it being understood that any Lender that shall have failed to exercise such right as set forth above shall be deemed to be a Declining Lender). If a Lender elects to extend only a portion of its election then existing Commitment, it will be deemed for purposes hereof to extend be a Consenting Lender in respect of such extended portion and a Declining Lender in respect of the remaining portion of its Commitment. If Consenting Lenders shall have agreed to such Maturity Date Extension Request in respect of Commitments held by them, then, subject to paragraph (d) of this Section 2.21, on the date specified in the Maturity Date Extension Request as the effective date thereof (the “Extension Effective Date”), (i) the Existing Maturity Date of the applicable Commitments shall, as to the Consenting Lenders, be extended to such date as shall be specified therein, (ii) the terms and conditions of the Commitments of the Consenting Lenders (including interest and fees (including Letter of Credit fees) payable in respect thereof), shall be modified as set forth in the Maturity Date Extension Request and (iii) such other modifications and amendments hereto specified in the Maturity Date Extension Request shall (subject to any required approvals (including those of the Required Lenders having been obtained, if applicable), except that any such other modifications and amendments that do not take effect until the Existing Maturity Date shall be deemed not to have elected to extend require the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election consent of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionthan the Consenting Lenders) become effective.

Appears in 1 contract

Samples: Revolving Credit Agreement (CF Industries Holdings, Inc.)

Extension of Maturity Date. (a) On The Borrower may, by delivering an Extension Request to the Administrative Agent (who shall promptly deliver a copy to each of the Lenders), not less than 30 days (but not more than 60 days) in advance of any anniversary of the Closing Effective Date prior to (each such anniversary date following an Extension Request, an “Extension Date”), request that the Maturity Date, the Borrowers may request to Lenders extend the then-applicable Revolving Credit Maturity Date in effect at such time (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the first anniversary of such Existing Maturity Date (the “Requested Maturity Date”); provided that after giving effect to such extension, the Borrowers may extend the Revolving Credit Maturity Date for a maximum two (2) such Extension Periods. The Borrowers so extended may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less be later than 30 days and not more than 90 days prior to any fifth anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension PeriodDate. Each Lender, acting in its sole discretion, shall, by written notice to the Administrative Agent given not later than the date that is the 20th day after the date of the Extension Request, or if such date is not a date 30 days after its receipt of any such notice from Business Day, the Administrative Agentimmediately following Business Day (the “Response Date”), notify the Borrowers and advise the Administrative Agent in writing of its election to extend whether or not such Xxxxxx agrees to the requested extension. Each Lender that advises the Administrative Agent that it will not extend the Existing Maturity Date with respect is referred to its Commitment. Any herein as a “Non-extending Lender”; provided, that any Lender which shall that does not timely notify the Borrowers and advise the Administrative Agent of its election consent to extend such requested extension by the Existing Maturity Response Date and any Lender that is a Defaulting Lender on the Response Date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the be a Non-extending Lender. The Administrative Agent of an election not to extend or fails to timely shall notify the Borrowers and Borrower, in writing, of the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, ’ elections promptly following the “Terminating Lenders”)Response Date. The election of any Lender to agree to a requested such an extension shall not obligate any other Lender to agree so agree. The Revolving Credit Maturity Date may be extended no more than two times pursuant to such requested extensionthis Section 2.25.

Appears in 1 contract

Samples: Credit Agreement (Huntington Ingalls Industries, Inc.)

Extension of Maturity Date. The Borrower may, by delivery of a Maturity Date Extension Request to the Administrative Agent (which shall promptly deliver a copy to each of the Lenders), request that the Lenders extend the Maturity Date for an additional period of one year; provided that (a) On not more than a single extension of the Maturity Date may be effected in any period of 12 consecutive months and there shall be no more than two extensions of the Maturity Date pursuant to this Section 2.05 and (b) after giving effect to any extension, the Maturity Date may not be more than five years after the applicable Extension Closing Date. Each Lender shall, by notice to the Borrower and the Administrative Agent given not later than the 20th day after the date of the Administrative Agent’s receipt of the Maturity Date Extension Request, advise the Borrower whether or not it agrees to the requested extension (each Lender agreeing to a requested extension being called an “Extending Lender”, and each Lender declining to agree to a requested extension being called a “Non-Extending Lender”). Any Lender that has not so advised the Borrower and the Administrative Agent by such day shall be deemed to have declined to agree to such extension and shall be a Non-Extending Lender; provided that a Non-Extending Lender (other than a Defaulting Lender) may, with the written consent of the Borrower, elect to become an Extending Lender by providing written notice of such election to the Borrower and the Administrative Agent at any time prior to the applicable Existing Maturity Date. If Lenders constituting the Required Lenders shall have agreed to a Maturity Date Extension Request within the 20-day period described above, then, effective as of the Extension Closing Date with respect thereto, the Maturity Date shall, as to the Extending Lenders, be extended to the first anniversary of the Closing Date prior to the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Date theretofore in effect (such Maturity Date theretofore in effect being called the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend no extension of the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) pursuant to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in this Section 7 and in the other Credit Documents 2.05 shall be true and correct in all material respects become effective unless on and as of the date of the effectiveness thereof the conditions set forth in Section 7.02(b) (without giving effect to the parenthetical therein and with references therein to a Borrowing being deemed to be references to such notice extension, and as of with Section 6.05(a) being deemed for this purpose to refer to the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated most recent financial statements delivered pursuant to have been made as of a specific date, as of such specific dateSections 8.03(a) and (ii8.03(b)) shall be satisfied and no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lendercontinuing, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent shall have received a certificate to that effect dated as of such date and executed by a Financial Officer of the Borrower (the first date on which such consent of the Required Lenders to such extension is obtained and the conditions specified in writing this proviso are satisfied with respect to such extension being called the “Extension Closing Date”). The decision to agree or withhold agreement to any Maturity Date Extension Request shall be at the sole discretion of its election each Lender. The Commitment of any Non-Extending Lender shall terminate on the Existing Maturity Date. The principal amount of any outstanding Loans made by the Non-Extending Lenders, together with any accrued interest thereon and any accrued fees and other amounts payable to extend or not to extend for the account of the Non-Extending Lenders hereunder, shall be due and payable on the Existing Maturity Date, and on the Existing Maturity Date with respect the Borrower shall also make such other prepayments of the Loans pursuant to its CommitmentSection 5.06 as shall be required in order that, after giving effect to the termination of the Commitments of, and all payments to, the Non-Extending Lenders pursuant to this sentence, the aggregate Revolving Credit Exposures would not exceed the Aggregate Commitments. Any Lender which The Borrower shall not timely notify have the Borrowers and right, pursuant to Section 5.14(b), at any time on or prior to the Administrative Agent of its election to extend the applicable Existing Maturity Date shall be deemed not to have elected replace any Non-Extending Lender with one or more Lenders or other financial institutions that will agree to extend the Existing applicable Maturity Date with respect to its Commitment (any Extension Request, and each such replacement Lender who timely notifies or financial institution shall for all purposes hereof constitute an Extending Lender. Notwithstanding the Borrowers foregoing, the Revolving Availability Period and the Administrative Agent Maturity Date, as such terms are used in reference to Letters of an election Credit issued or to be issued by any Issuing Lender, will not to extend or fails to timely notify be extended without the Borrowers and the Administrative Agent prior written consent of its election being referred to as a “Terminating such Issuing Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extension.

Appears in 1 contract

Samples: Year Revolving Credit Agreement (Zimmer Biomet Holdings, Inc.)

Extension of Maturity Date. (a) On any anniversary of the Closing Date prior to the Maturity DateThe Borrower may request, the Borrowers may request to extend the then-applicable Maturity Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than (which the Administrative Agent, working with the Borrower, will distribute to each of the Lenders) during the 90 days prior to any day period commencing on the date that is the first day after each anniversary of the Closing Date (the most recent such anniversary, the "Current Anniversary Date"), so long as that the Maturity Date then in effect (ithe "Existing Maturity Date") each be extended for a twelve month period, which notice shall specify the new Maturity Date (which shall not be later than the fifth anniversary of the representations and warranties contained Current Anniversary Date) to be in Section 7 and in effect following such extension (the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period"Requested Maturity Date"). Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative AgentBorrower, notify the Borrowers Borrower and the Administrative Agent in writing of its election to extend or not to extend the Existing Maturity Date with respect to its Commitment. Any Lender which shall not timely notify the Borrowers Borrower and the Administrative Agent of its election to extend the Existing Maturity Date shall be deemed not to have elected not to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers Borrower and the Administrative Agent of an election not to extend or fails its Commitment and any Lender so deemed to timely notify the Borrowers and the Administrative Agent of have elected not to extend its election Commitment being referred to as a "Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”"). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionagree.

Appears in 1 contract

Samples: Credit Agreement (Wellpoint Health Networks Inc /De/)

Extension of Maturity Date. (a) On any anniversary Not more than once each fiscal year of the Closing Date prior Borrower, the Borrower may, by delivering a written notice to the Maturity DateAdministrative Agent, the Borrowers may request to extend the then-applicable Maturity Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date be extended for a maximum two one additional year, provided the requested Maturity Date is not more than five (25) years from the date of such Extension Periodsrequest. The Borrowers may make Administrative Agent shall notify each Lender of such request promptly upon its receipt of such notice and shall request that each Lender respond to such request by the Borrower within sixty (60) days of the Administrative Agent’s notice to the Lenders. If any Lender does not consent in writing or respond to the Borrower’s request then such Lender (a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a“Refusing Lender”) shall be deemed to have rejected such request. If Lenders whose combined Pro Rata Shares equal at least 66-2/3% (the “Extension of Maturity Date RequestRequired Lenders”; each Lender agreeing to extend its Commitment is referred to herein as an “Extending Lender”) agree in writing within such 60-day period to extend their Commitments, and provided that, on the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary last day of the Closing Date, so long as such 60-day period (ix) each of the representations and warranties contained made by the Credit Parties in Section 7 and in the other any Credit Documents shall be Document are true and correct in all material respects on at and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) date except to the extent they expressly relate to an earlier date and (iiy) no Default or Event of Default shall have occurred and exist or be continuing on either prior to or after giving effect thereto and the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and Borrower deliver to the Administrative Agent in writing a certificate so stating, then (i) effective on the last day of its election such 60-day period the Commitments of the Extending Lenders shall without further action be extended for an additional one-year period, (ii) the term “Maturity Date” shall thenceforth mean, (A) as to extend or not the Commitments and Loans of the Extending Lenders, the last day of such additional one-year period and (B) as to extend the Existing Commitments and Loans of the Refusing Lenders, the Maturity Date with respect in effect prior to its Commitment. Any Lender which such extension (each a “RL Maturity Date”), (iii) subject to the terms of subsection (b) below, the Commitments of the Refusing Lenders shall terminate on the applicable RL Maturity Date and the Loans and other amounts owed to such Lenders shall be due and payable on such date, (iv) subject to the terms of subsection (b) below, on such RL Maturity Date (A) the Aggregate Commitment shall be reduced by an amount equal to the sum of the Commitments of the applicable Refusing Lenders and (B) the Pro Rata Shares of the Extending Lenders shall be reallocated so that the sum of such Pro Rata Shares equals one hundred percent (100%) and (v) if the aggregate Revolving Credit Exposure of all Lenders, after the payment provided for in clause (iii) above, exceeds the Aggregate Commitment (as so reduced) (A) the Borrower shall pay on such RL Maturity Date Loans in the amount necessary to cause the aggregate Revolving Credit Exposure of all Lenders to equal but not timely notify exceed the Borrowers Aggregate Commitment and (B) if the outstanding Facility LCs exceed the Aggregate Commitment (as so reduced), the Borrower shall pay to the Administrative Agent of its election to extend the Existing on such RL Maturity Date an amount in immediately available funds equal to the amount by which the outstanding Facility LCs exceed the Aggregate Commitment, which funds shall be deemed held in the Facility LC Collateral Account in accordance with and subject to the terms of Section 2.6(j). If such extension is not to have elected to extend approved in writing by the Existing Extension Required Lenders within such 60-day period, the Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionthen in effect will be retained.

Appears in 1 contract

Samples: Credit Agreement (Pulte Homes Inc/Mi/)

Extension of Maturity Date. The Parent may, in its discretion, deliver a written notice to the Agent requesting that the then scheduled Maturity Date be extended for an additional 364-day period, such written request to be delivered not more than one hundred eighty (a180) On any anniversary of the Closing Date days and not less than one hundred twenty (120) days prior to the then scheduled Maturity Date. Upon the Agent's receipt of any such written request, the Agent shall promptly notify the Banks thereof, and each Bank shall notify the Agent in writing at least ninety (90) days prior to the then scheduled Maturity Date whether such Bank has agreed, in its sole and absolute discretion, to such request and, if it has decided to do so, its proposed Commitment. Each Bank's decision as to whether to agree to any such request shall be within such Bank's sole and absolute discretion. If any Bank notifies the Agent in writing that it has agreed to such request then, the Agent shall promptly notify the Parent, and the Parent, the Agent and, as to its own proposed Commitment, each committing Bank, shall promptly agree to the allocation of such proposed Commitments. Effective upon the occurrence of the then scheduled Maturity Date, the Borrowers may request to extend Commitment shall exist in such agreed amounts, and the then-applicable Maturity Date (the “Existing Maturity Date”) shall be extended, for an additional one364-year period (an “Extension Period”) day period. Notwithstanding the foregoing, any Bank may, without liability to any Borrower, reverse, terminate and revoke its agreement to extend its proposed Commitment if prior to the date that is one year after the Existing Maturity Date (the “Requested then scheduled Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as : (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing continuing, (ii) such Bank shall believe that there has occurred or become known a material adverse change in the business, financial condition, operations, assets, liabilities or prospects of the Parent, on a consolidated basis or (iii) such Bank shall discover information not previously fully disclosed to such Bank, which such Bank believes has a materially negative impact on the date of such notice and as business, financial condition, operations, assets, liabilities or prospects of the commencement date of the relevant Extension Period. Each LenderParent, acting in its sole discretion, shall, not later than on a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to extend the Existing Maturity Date with respect to its Commitment. Any Lender which shall not timely notify the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionconsolidated basis.

Appears in 1 contract

Samples: Revolving Credit Agreement (Cross Continent Auto Retailers Inc M&l)

Extension of Maturity Date. (a) On any anniversary of the Closing Date prior to the Maturity Date, the Borrowers The Company may request up to extend the then-applicable Maturity Date (the “Existing Maturity Date”) for an additional two one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend extensions of the Maturity Date by submitting on each occasion a written request for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) an extension to the Administrative Agent not (each an “Extension Request”) no less than 30 days and not more than 90 60 days prior to the then-scheduled Maturity Date. Promptly upon receipt of any anniversary of Extension Request, the Closing DateAdministrative Agent shall notify each Lender thereof and shall request each Lender to approve the Extension Request. If a Lender approves, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its individual and sole discretion, shallthe Extension Request (an “Extending Lender”), not it shall deliver to the Administrative Agent a written notice of its agreement to do so no later than a date 30 days after its receipt of any such notice from the Administrative AgentExtension Request, notify the Borrowers and the Administrative Agent shall notify the Company of such Extending Lender’s agreement to extend its Commitment(s) within 15 days after receipt of such written notice. The Commitment(s) of any Lender that fails to accept or respond to the Company’s Extension Request (a “Declining Lender”) shall be terminated on the then-scheduled Maturity Date (without regard to any extension by other Lenders), and on such Maturity Date the Borrowers shall pay in writing full to each such Declining Lender an amount equal to the outstanding principal of its election Loans and participations in LC Disbursements and Swingline Loans, accrued interest thereon, accrued fees and all other amounts payable to extend or not it hereunder. If, but only if, Extending Lenders have agreed to extend provide Commitments in an aggregate amount greater than 50% of the Existing aggregate amount of the total Commitments of the Lenders outstanding at the time of the Extension Request, the Maturity Date applicable to the Commitments of such Extending Lenders shall be extended by one year and such extension may not be revoked by the Company (but subject to the Company’s right to terminate the Commitments pursuant to Section 2.09(b)). On the effective date of any extension of the Commitments of the Extending Lenders, the Borrowers shall be deemed to have repaid and reborrowed from the Extending Lenders, in accordance with their respective Tranche Percentages with respect to its Commitment. Any Lender which shall not timely notify each Tranche, all outstanding Revolving Loans as of such date (with such reborrowing to consist of the Classes and Types of Revolving Loans, with related Interest Periods if applicable, specified in a notice delivered by the applicable Borrowers and in accordance with the Administrative Agent requirements of its election to extend the Existing Maturity Date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”Section 2.03). The election deemed payments made pursuant to the immediately preceding sentence shall be accompanied by payment of any Lender all accrued interest on the amount prepaid and, in respect of each Eurocurrency Loan, shall be subject to agree indemnification by the Company pursuant to a requested extension shall not obligate any the provisions of Section 2.16 if the deemed payment occurs other Lender to agree to such requested extensionthan on the last day of the related Interest Periods.

Appears in 1 contract

Samples: Credit Agreement (Global Payments Inc)

Extension of Maturity Date. (a) On any anniversary of the Closing Date prior to the Maturity DateEach Borrower may, the Borrowers may request to extend the then-applicable upon notice (a “Maturity Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not (which shall promptly notify the Lenders or New Lenders under the applicable Facility), request one or more than 90 days prior extensions of any Revolver Termination Date, Term Maturity Date or the maturity date for any Additional Facility or Replacement Facility, in each case applicable to any anniversary of Facility under which it is a Borrower (the Closing Revolver Termination Date, so long as Term Maturity Date or maturity date for such Additional Facility or Replacement Facility applicable to such Facility, the “Existing Maturity Date”). Each Maturity Date Extension Request shall (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of specify the date of to which such notice and as of Existing Maturity Date is sought to be extended (the commencement date of the relevant Extension Period as if made on and as of each date (or“New Maturity Date”), if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) specify the changes, if any, to the interest rates, floors and margins, commitment and other fees payable to Consenting Lenders (as defined below) in respect of that portion of their Commitments and Loans extended to such New Maturity Date and the time as of which such changes will become effective, which may be prior to the Existing Maturity Date, and (iii) specify any other amendments or modifications to this Agreement or the other Loan Documents to be effected in connection with such extension; provided that (A) no Default such amendments or Event modifications under clause (iii) that would otherwise require approvals pursuant to Section 12.1 shall become effective prior to the then latest Revolver Termination Date (in the case of Default an extension of a Revolving Facility) or Term Maturity Date (in the case of an extension of a Term Facility), unless such other approvals have been obtained, (B) the Obligations under any such Facility shall rank pari passu in right of payment with the other Loans and Commitments hereunder, (C) the Obligations under any such Facility shall not be guaranteed by any Person other than the Credit Parties that guaranteed the applicable Facility prior to such maturity extension and (D) such Facility shall be secured solely by the Collateral that secured the applicable Facility prior to such maturity extension and such Facility shall be subject to the CAM Exchange (and the holders of Indebtedness or commitments in respect of such Facility shall have occurred become a party to the Re-Allocation Agreement by execution and be continuing on the date delivery of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from joinder thereto or other arrangement reasonably acceptable to the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to extend the Existing Maturity Date with respect to its Commitment. Any Lender which shall not timely notify the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extension.

Appears in 1 contract

Samples: Credit Agreement (BALL Corp)

Extension of Maturity Date. (a) On any anniversary From and after the Funding Date, the Borrower may, by delivery of a Maturity Date Extension Request to the Administrative Agent (which shall promptly deliver a copy thereof to each of the Closing Date Lenders of the applicable Class of Loans) not less than 30 days prior to the Maturity Date, the Borrowers may request to extend the then-applicable then existing Maturity Date with respect to any Class of Loans hereunder (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided , request that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date Lenders of such notice and as Class of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to Loans extend the Existing Maturity Date in accordance with this Section 2.23. Each Maturity Date Extension Request shall (i) specify the applicable Class of Loans and the date to which the applicable Maturity Date is sought to be extended, (ii) specify the changes, if any, to the Applicable Rate to be applied in determining the interest payable on Loans of, and fees payable hereunder to, Consenting Lenders in respect of that portion of their Loans extended to such new Maturity Date and the time as of which such changes will become effective (which may be prior to the Existing Maturity Date), and (iii) specify any other amendments or modifications to this Agreement to be effected in connection with such Maturity Date Extension Request (including in respect of amortization), provided that no such changes or modifications requiring approvals pursuant to Section 9.02(b) shall become effective prior to the Existing Maturity Date unless such other approvals have been obtained. In the event a Maturity Date Extension Request shall have been delivered by the Borrower, each Lender shall have the right to agree to the extension of the Existing Maturity Date and other matters contemplated thereby on the terms and subject to the conditions set forth therein (each Lender agreeing to the Maturity Date Extension Request being referred to herein as a “Consenting Lender” and each Lender not agreeing thereto being referred to herein as a “Declining Lender”), which right may be exercised by written notice thereof, specifying the maximum amount of the Loans of such Lender with respect to its Commitment. Any which such Lender which shall agrees to the extension of the Existing Maturity Date, delivered to the Borrower (with a copy to the Administrative Agent) not timely notify later than a day to be agreed upon by the Borrowers Borrower and the Administrative Agent following the date on which the Maturity Date Extension Request shall have been delivered by the Borrower (it being understood that any Lender that shall have failed to exercise such right as set forth above shall be deemed to be a Declining Lender). If a Lender elects to extend only a portion of its election then existing Loans, it will be deemed for purposes hereof to extend be a Consenting Lender in respect of such extended portion and a Declining Lender in respect of the remaining portion of its Loans. If Consenting Lenders shall have agreed to such Maturity Date Extension Request in respect of Loans held by them, then, subject to paragraph (d) of this Section, on the date specified in the Maturity Date Extension Request as the effective date thereof (the “Extension Effective Date”), (i) the Existing Maturity Date of the applicable Loans shall, as to the Consenting Lenders, be extended to such date as shall be deemed not to have elected to extend specified therein, (ii) the Existing terms and conditions of the Loans of the Consenting Lenders (including interest and fees payable in respect thereof), shall be modified as set forth in the Maturity Date with respect Extension Request and (iii) such other modifications and amendments hereto specified in the Maturity Date Extension Request shall (subject to its Commitment any required approvals (any Lender who timely notifies including those of the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Required Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extension) having been obtained) become effective.

Appears in 1 contract

Samples: Term Loan Credit Agreement (Newmont Mining Corp /De/)

Extension of Maturity Date. The Borrower may, upon not less than 30 days’ (abut not more than 45 days’) On any notice prior to each anniversary of the Closing Restatement Date prior from and after the second anniversary of the Restatement Date (each such anniversary, “Current Anniversary Date”) to the Maturity DateAdministrative Agent (which shall notify each Lender of receipt of such request), the Borrowers may request propose to extend the then-applicable Maturity Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend measured from the Maturity Date for a maximum two then in effect. Each Lender shall endeavor to respond to such request, whether affirmatively or negatively (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially determination to be in the form attached hereto as Exhibit 2.8(a) (the “Extension sole discretion of Maturity Date Request”) such Lender), by notice to the Administrative Agent in writing not less than 30 20 days and (but not more than 90 30 days) prior to the Current Anniversary Date. The Administrative Agent shall, upon not less than 15 days’ notice prior to the Current Anniversary Date, notify the Borrower in writing of the Lenders’ decisions. No Maturity Date of any Lender shall be extended unless (i) by the date 20 days prior to any anniversary the Maturity Date then in effect Banks having at least 50% in aggregate amount of the Closing Date, Commitments in effect at the time any such extension is requested shall have elected so long to extend their Commitments and (ii) the Administrative Agent shall have received a certificate signed by a Designated Officer dated as (i) each of such extension date in form and substance satisfactory to the Administrative Agent stating that the representations and warranties contained in Section 7 Article V and in the other Credit Loan Documents shall be are true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such specific earlier date, and except that for purposes of this Section 2.12, the representations and warranties contained in Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (iib) of Section 6.01 and the representations and warranties contained in Section 5.06 shall be deemed to refer to the most recent financial statements furnished pursuant to subsection (b) of Section 6.01, and that no Default or Event of Default shall have has occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to extend the Existing Maturity Date with respect to its Commitmentis continuing. Any Lender which shall does not timely notify the Borrowers and give such notice to the Administrative Agent of its election by the date 20 days prior to the Maturity Date then in effect shall be deemed to have elected not to extend as requested, and the Existing Commitment of each non-extending Lender shall terminate on its Maturity Date shall be determined without giving effect to such requested extension. If any Lender does not consent to a request for an extension of the Maturity Date, or is deemed not to have elected consented to extend the Existing requested extension (each, a “Declining Lender”), and the Maturity Date with respect to its Commitment has been extended for the other Lender(s) (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Extending Lenders”). The election , the Borrower may, prior to the end of any the Current Anniversary Date, replace such Declining Lender with one or more Eligible Assignees or increase the Commitment of an Extending Lender, in an amount equal to agree the amount of the Commitments of the Declining Lenders, provided that, as provided in Section 2.13, the Extending Lenders shall have the right to a requested extension shall not obligate increase their Commitments ratably up to the amount of the Declining Lenders’ Commitments before the Borrower will be permitted to substitute any other Lender to agree to such requested extensionfinancial institution for the Declining Lenders.

Appears in 1 contract

Samples: Credit Agreement (Avery Dennison Corp)

Extension of Maturity Date. 2.5.1. The Borrower may from time to time, pursuant to the provisions of this Section 2.5, without the consent of Agent or the Required Lenders, agree with one or more Lenders to extend the Maturity Date then applicable to such Lender’s Loan or any portion thereof, and, provided notice thereof is given to the Agent, otherwise modify the economic terms of any such Loans or any portion thereof (aincluding, without limitation, by modifying the interest rate or fees payable and/or the amortization schedule in respect of such Loans or any portion thereof (each such modification an “Extension”) On any anniversary pursuant to one or more written offers (each an “Extension Offer”) made from time to time by the Borrower to all Lenders whose Loans have the same Maturity Date that is proposed to be extended under this Section 2.5, in each case on a pro rata basis (based on the relative principal amounts of the Closing Date outstanding Loans of each such Lender holding such Loans) and on the same terms to each such Lender, which Extension Offer may be conditioned as determined by the Borrower and set forth in such offer. In connection with each Extension, the Borrower will provide notification to Agent (for distribution to the applicable Lenders), no later than 30 days (or such shorter period as Agent may agree) prior to the Maturity Date, maturity of the Borrowers may request applicable Loans to extend be extended of the then-applicable Maturity Date requested new maturity date for the proposed Extension Loans (the each an Existing Extended Maturity Date”) and the due date for an additional one-year period (an “Extension Period”) Lender responses. The Borrower and Agent shall agree to such procedures, if any, as may be reasonably established by, or acceptable to, Agent to accomplish the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) purposes of this Section 2.5. In connection with any Extension, each applicable Lender wishing to participate in such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days shall, prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific due date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such provide Agent with a written notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to extend the Existing Maturity Date with respect to its Commitmentthereof. Any Lender which shall that does not timely notify respond to an Extension Offer (referred to herein as a “Non-Extending Lender”) by the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date applicable due date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all rejected such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionExtension.

Appears in 1 contract

Samples: Term Loan and Security Agreement (Key Energy Services Inc)

Extension of Maturity Date. (a) On Each Lender’s Commitment may be extended, if at the time the conditions specified in Section 4.02 are met, in the manner set forth in this Section 2.24, on not more than two occasions on any anniversary of the Closing Date prior to the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Date date hereof (the “Existing Maturity Extension Date”) for an additional one-year a period (an “Extension Period”) to the date that is of one year after the Existing Maturity Date (date on which the “Requested Maturity Date”); provided Commitment of such Lender would have been terminated. If the Company wishes to request an extension of each Lender’s Commitment, it shall give notice to that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) effect to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing applicable Extension Date, so long as (i) whereupon the Administrative Agent shall promptly notify each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date Lenders of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (orrequest. Each Lender will use its best efforts to respond to such request, if any such representation and warranty is expressly stated to have been made as of a specific datewhether affirmatively or negatively, as it may elect in its discretion, within 15 days of such specific date) and request (ii) no Default or Event of Default shall have occurred and be continuing on such longer period as the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers Company and the Administrative Agent in writing of its election may reasonably agree) to the Administrative Agent. If any Lender shall not have responded affirmatively within such 15-day period (or such longer period, if applicable), such Lender shall be deemed to have rejected the Company’s proposal to extend or not to extend the Existing Maturity Date with respect to its Commitment. Any Lender , and only the Commitments of those Lenders which have responded affirmatively shall not timely notify the Borrowers and be extended, subject to receipt by the Administrative Agent of its election counterparts of an extension agreement in form reasonably satisfactory to extend the Existing Maturity Date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of and the Company (an election not to extend or fails to timely notify “Extension Agreement”), duly completed and signed by the Borrowers and Company, the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, of the “Terminating Lenders”)Lenders which have responded affirmatively. The election Administrative Agent shall provide to the Company, no later than 10 days prior to the Extension Date for any such request, a list of the Lenders which have responded affirmatively. The Extension Agreement shall be executed and delivered no later than five days prior to the Extension Date, and no extension of the Commitments pursuant to this Section 2.24 shall be legally binding on any Lender to agree to a requested extension shall not obligate any other Lender to agree to party hereto unless and until such requested extensionExtension Agreement is so executed and delivered by Lenders having at least 51% of the aggregate amount of the Commitments.

Appears in 1 contract

Samples: Assignment and Assumption (Cummins Inc)

Extension of Maturity Date. Borrowers may request one-year extensions of the Maturity Date by making such request in writing (an “Extension Request”) to Administrative Agent at least thirty (30) days prior to each July 31 during the term of this Agreement (except for the July 31 that is the then-existing Maturity Date). Administrative Agent shall promptly notify each Lender of any such Extension Request (the date Administrative Agent receives such Extension Request being the “Request Date”) and each Lender shall notify Administrative Agent within thirty (30) days after the Request Date whether such Lender consents to such extension; provided that the failure to respond by Administrative Agent or any Lender to an Extension Request shall be deemed to be a denial of such consent by such Person. If Lenders having a Pro Rata Share of at least sixty-six and two-thirds percent (66 2/3%) consent to such extension (such Lenders being “Consenting Lenders” and the Lenders not consenting being “Non-Consenting Lenders”) within thirty (30) days after the Request Date (the date Administrative Agent receives the necessary consents to such extension and receives or is deemed to have received the consent or denial of consent of all Lenders being the “Approval Date”), then the then-existing Maturity Date shall be extended for one (1) year as to the Consenting Lenders so long as (a) On no Default or Potential Default exists, (b) Borrowers, on or before ninety (90) days after the Approval Date, either (i) pays to the Non-Consenting Lenders the Principal Debt owing to such Non-Consenting Lenders, together with all accrued unpaid interest thereon, all fees, and any anniversary Funding Loss payable under Section 3.18 owing to such Non-Consenting Lenders, in which case the Commitment of each such Non-Consenting Lenders shall be terminated, or (ii) effect one or more assignments from the Non-Consenting Lenders to a new Lender or Lenders pursuant to Section 13.11 who shall also consent to the extension of the Closing Date prior to the then-existing Maturity Date, and (c) Borrowers pay to Administrative Agent, for the account of the Consenting Lenders, the extension fee set forth in Section 3.20(e). Any such assignment to a new Lender or Lenders shall be subject to the payment to the assigning Lender an amount equal to the Principal Debt owing to such assigning Lender as of the effective date of such assignment, together with all accrued unpaid interest thereon, all fees, and any Funding Loss payable under Section 3.18 as a result of such payment to the assigning Lender by the assignee Lender. Administrative Agent agrees to exercise its reasonable best efforts to assist Borrowers in identifying prospective assignees of the Non Consenting Lenders’ Commitments hereunder-, provided, however, that Administrative Agent has no obligation to ensure that any such assignees will agree to purchase assignments from the Non-Consenting Lenders. Any Non-Consenting Lender shall, on the effective date of the termination of such Non-Consenting Lender’s Commitment or the assignment to another Lender described above, cease to be a “Lender” for purposes of this Agreement, provided that Borrowers shall continue to be obligated to such Lender under Section 7.12 with respect to Indemnified Liabilities (as defined in Section 7.12) arising prior to such date. If Borrowers fail to effect assignments from the Non-Consenting Lenders to a new Lender or Lenders within ninety (90) days after the Approval Date, then Borrowers may request elect to not extend the then-applicable Maturity Date (the “Existing existing Maturity Date, as provided herein, by giving Administrative Agent written notice thereof within ninety-five (95) for an additional one-year period (an “Extension Period”) to the date that is one year days after the Existing Maturity Date (Approval Date. In such event. Borrowers shall not be required to pay the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained extension fee set forth in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to extend the Existing Maturity Date with respect to its Commitment. Any Lender which shall not timely notify the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”3.20(e). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extension.

Appears in 1 contract

Samples: Credit Agreement (Innkeepers Usa Trust/Fl)

Extension of Maturity Date. (a) On any anniversary Notwithstanding anything to the contrary in the Loan Documents, the Borrower may from time to time, pursuant to the provisions of this Section 2.20, without the consent of the Closing Administrative Agent or the Required Lenders, agree with one or more Lenders to extend the Maturity Date then applicable to such Lender’s Loan, and otherwise modify the economic terms of any such Loans or any portion thereof (including, without limitation, by modifying the interest rate, premiums or fees payable and/or the amortization schedule in respect of such Loans or any portion thereof (each such extension, an “Extension”) pursuant to one or more written offers (each an “Extension Offer”) made from time to time by the Borrower to all Lenders whose Loans have the same Maturity Date that is proposed to be extended under this Section 2.20, in each case on a pro rata basis (based on the relative principal amounts of the outstanding Loans of each such Lender holding such Loans) and on the same terms to each such Lender, which Extension Offer may be conditioned as determined by the Borrower and set forth in such offer. In connection with each Extension, the Borrower will provide notification to Administrative Agent (for distribution to the applicable Lenders), no later than 30 days (or such shorter period as Administrative Agent may agree) prior to the Maturity Date, maturity of the Borrowers may request applicable Loans to extend be extended of the then-applicable Maturity Date requested new maturity date for the proposed Extension Loans (the each an Existing Extended Maturity Date”) and the due date for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension PeriodsLender responses. The Borrowers Borrower and the Administrative Agent shall agree to such procedures, if any, as may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) be reasonably acceptable to the Administrative Agent not less than 30 days and not more than 90 days the Borrower to accomplish the purposes of this Section 2.20. In connection with any such Extension, each applicable Lender wishing to participate in such Extension shall, prior to any anniversary of the Closing Dateapplicable due date therefor, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and provide the Administrative Agent in writing with a written notice of its election desire to extend or not to extend the Existing Maturity Date with respect to its Commitmentso participate. Any Lender which shall that does not timely notify respond to an Extension Offer (referred to herein as a “Non-Extending Lender”) by the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date applicable due date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all rejected such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionExtension.

Appears in 1 contract

Samples: Assignment and Assumption (Summit Midstream Partners, LP)

Extension of Maturity Date. (a) On any anniversary of the Closing Date Not less than 60 days and not -------------------------- more than 90 days prior to the Maturity DateTermination Date then in effect, provided that no Event of Default shall have occurred and be continuing, the Borrowers Borrower may request to extend the then-applicable Maturity an extension of such Termination Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) by submitting to the Administrative Agent an Extension Request containing the information in respect of such extension specified in Exhibit B, which the Administrative Agent shall promptly furnish to each Lender. Each Lender shall, not less than 30 days and not more than 90 45 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained Termination Date then in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agenteffect, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to extend the Existing Maturity Date with respect to its Commitment. Any Lender which shall not timely notify the Borrowers Borrower and the Administrative Agent of its election to extend or not extend the Existing Maturity Termination Date as requested in such Extension Request. Notwithstanding any provision of this Agreement to the contrary, any notice by any Lender of its willingness to extend the Termination Date shall be deemed not revocable by such Lender in its sole and absolute discretion at any time prior to have elected the date which is 30 days prior to extend the Existing Maturity Termination Date with respect then in effect. If the then Majority Lenders shall approve in writing the extension of the Termination Date requested in such Extension Request, the Termination Date shall automatically and without any further action by any Person be extended for the period specified in such Extension Request; provided that (i) each extension pursuant to its this subsection shall be for a -------- maximum of 364 days and (ii) the Commitment (of any Lender who timely notifies that does not consent in writing to such extension not less than 30 days and not more than 45 days prior to the Borrowers and Termination Date then in effect (an "Objecting Lender") shall, ---------------- unless earlier terminated in accordance with this Agreement, expire on the Administrative Agent Termination Date in effect on the date of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being such Extension Request (such Termination Date, if any, referred to as a “Terminating the "Commitment Expiration Date" with -------------------------- respect to such Objecting Lender). If, not less than 30 days and all such Lenders, collectivelynot more than 45 days prior to the Termination Date then in effect, the “Terminating Lenders”)then Majority Lenders shall not approve in writing the extension of the Termination Date requested in an Extension Request, the Termination Date shall not be extended pursuant to such Extension Request. The election Administrative Agent shall promptly notify (y) the Lenders and the Borrower of any extension of the Termination Date pursuant to this subsection and (z) the Borrower and each other Lender of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionwhich becomes an Objecting Lender.

Appears in 1 contract

Samples: Conectiv Inc

Extension of Maturity Date. (a) On any anniversary of The Company may from time to time request the Closing Date prior Banks to the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for to a maximum two (2) such Extension Periodsdate not more than one year from the then current Maturity Date. The Borrowers Such request may make such request in a notice given as herein provided and substantially in not be made earlier than 15 months prior to the form attached hereto as Exhibit 2.8(a) (the “Extension of then current Maturity Date Request”) to the Administrative Agent not less than 30 days and not more later than 90 days prior to the then current Maturity Date. The Administrative Agent shall promptly notify the Banks of each such request. Each Bank shall give its response to each such request in writing to the Administrative Agent no later than 60 days after each such request. Upon inquiry by the Company, the Administrative Agent will advise the Company which Banks, if any, have not responded to any anniversary of the Closing Datesuch request. If a Bank fails to respond, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents it shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated deemed to have been made as of a specific datenot consented to such extension. If all Banks consent to such extension, as of such specific date) and (ii) no Default or Event of Default the Maturity Date shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers so extended and the Administrative Agent shall notify each Bank of such fact. Subject to the last sentence of this Section, the Acceptance Availability Period shall also be deemed extended to the new Maturity Date, commencing on the last day of the Acceptance Availability Period. If less than all Banks consent to such extension, the Company shall have an additional period of up to 120 days from the date of the Company's original extension request under this Section 2.12 (provided that such additional period shall not extend beyond the then-existing Maturity Date) (the "Additional Period") in writing which to replace all of its election the non-consenting Bank(s) with either one or more of the existing Banks (but no existing Bank shall be required to extend do so) or not with any other bank (in either case, a "Replacement Bank"), subject to extend the Existing Maturity Date with respect to its Commitment. Any Lender Administrative Agent's consent (which shall not timely notify be unreasonably withheld). The replacement of the Borrowers nonconsenting Bank(s) shall occur promptly after the last day of the Additional Period but in no event later than the then-existing Maturity Date and shall be otherwise subject to Section 18.1 hereof. Any Bank which has consented to the Administrative Agent requested extension of its election to extend the Existing Maturity Date shall be deemed not withdraw its consent during the Additional Period. If less than all Banks consent to have elected such extension and if the Company is unable to extend replace the Existing non-consenting Bank(s) as described above, the Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extensionbe extended.

Appears in 1 contract

Samples: Employment Agreement (Ibp Inc)

Extension of Maturity Date. (a) On any anniversary The Borrower may, by delivery of a Maturity Date Extension Request to the Administrative Agent (which shall promptly deliver a copy thereof to each of the Closing Date Lenders) not less than 30 days prior to the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Date then existing maturity date for Commitments hereunder (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided , request that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as Exhibit 2.8(a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as (i) each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii) no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to Lenders extend the Existing Maturity Date in accordance with this Section 2.21. Each Maturity Date Extension Request shall (i) specify the date to which the Maturity Date is sought to be extended, (ii) specify the changes, if any, to the Applicable Rate to be applied in determining the interest payable on Revolving Loans of, and fees payable hereunder to, Consenting Lenders in respect of that portion of their Commitments (and related Revolving Loans) extended to such new Maturity Date and the time as of which such changes will become effective (which may be prior to the Existing Maturity Date), and (iii) specify any other amendments or modifications to this Agreement to be effected in connection with such Maturity Date Extension Request; provided that no such changes or modifications requiring approvals pursuant to Section 9.02(b) shall become effective prior to the then existing Maturity Date unless such other approvals have been obtained. In the event a Maturity Date Extension Request shall have been delivered by the Borrower, each Lender shall have the right to agree to the extension of the Existing Maturity Date and other matters contemplated thereby on the terms and subject to the conditions set forth therein (each Lender agreeing to the Maturity Date Extension Request being referred to herein as a “Consenting Lender” and each Lender not agreeing thereto being referred to herein as a “Declining Lender”), which right may be exercised by written notice thereof, specifying the maximum amount of the Commitment of such Lender with respect to its Commitment. Any Lender which shall such Xxxxxx agrees to the extension of the Maturity Date, delivered to the Borrower (with a copy to the Administrative Agent) not timely notify later than a day to be agreed upon by the Borrowers Borrower and the Administrative Agent following the date on which the Maturity Date Extension Request AMERICAS 120615873 shall have been delivered by the Borrower (it being understood that any Lender that shall have failed to exercise such right as set forth above shall be deemed to be a Declining Lender). If a Lender elects to extend only a portion of its election then existing Commitment, it will be deemed for purposes hereof to extend be a Consenting Lender in respect of such extended portion and a Declining Lender in respect of the remaining portion of its Commitment. If Consenting Lenders shall have agreed to such Maturity Date Extension Request in respect of Commitments held by them, then, subject to paragraph (d) of this Section, on the date specified in the Maturity Date Extension Request as the effective date thereof (the “Extension Effective Date”), (i) the Existing Maturity Date of the applicable Commitments shall, as to the Consenting Lenders, be extended to such date as shall be deemed not to have elected to extend specified therein, (ii) the Existing terms and conditions of the Commitments of the Consenting Lenders (including interest and fees (including Letter of Credit fees) payable in respect thereof), shall be modified as set forth in the Maturity Date with respect Extension Request and (iii) such other modifications and amendments hereto specified in the Maturity Date Extension Request shall (subject to its Commitment any required approvals (any Lender who timely notifies including those of the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Required Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extension) having been obtained) become effective.

Appears in 1 contract

Samples: Credit Agreement (NEWMONT Corp /DE/)

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